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business N e Wopaper 


China puts off new 
stock listings to 
protect investors 

U b foa is postponing new stock listin g s in a n 
attempt to ensure that companies -firing invest- 
mest from the public ore sound, it wants 

to increase the rote of toes tmen t to calm . 

its volatile stock markets. 

The official Sn>nm news agency reported fhat 
a considerable portion of the stocks scheduled 
to be issued this year bo local Investors, known 
as A-shares, will be postponed to 1905. Page 14 

Hanaon, Anglo-US conglomerate, is to lengthen 
its payback period for new investments by up 
to two years, In an attempt to tafen advantage 
of low interest rates and inflatio n. Page 15,* Lex, 
Page 14 

Hsa fai US gun crime; A record 931,000 violent 
crimes were co mmitte d wWh bawdgnwa in th« 

OS in 1992 - almost a 50 pnr c e nt Tf waa- run 

the annual average during the previous five years. 
Page 6 

Singapore Airlines, consistently one of the 
world ’s most profitable carriers, says intense 
competition jflm the rrmtinning atrmn g th nf tha 
Singapore dollar caused annual pre-tax profits 
to dip 7.7 per cent to S*871m ($555m). Page 18 

Brussels to woo Ukraine: The European 
Union wffl today make a start at trying to fotge 
a more even-handed strategy toward Russia and , 
Ukraine, by bolstering its relationship with the 
latter. Page 14; Uk rainians tend their gardens 
amid muddle and weakness. Page a 

Assurance on doUarr US treasury secretary 
Lloyd Bentsen said the feeling that Washington 
was content to see the dollar drop in value was 
a “misrepresentation”. Page 6 

European Monetary Systems A 50 basis 
point cut in official German rates last week her- 
alded cuts in interest rates from all EMS countries 
except Portugal- The order of currencies In the 

grill nmyrinwH inwlmigwl nimtiniiingpnHtiMl 

scandals caused the Spanish peseta to weaken 
further. Currencies, Page 29 

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The chart shows the member currencies of the 
exchange rate mechanism measured against the 
weakest currency in the system. Most of the curren- 
cies are permitted to fluctuate within 15 per cent 
(rf agreed central rates against the other members 
of the mechanism. The exceptions are the D-Mark 
and the guilder which rnovem a 225 per cent band. 

Atlantic Wcf i f ta l d , the US energy company, 
has confirmed reports that investments in deriva- 
tive securities led to steep losses last month in 
an employee investment fund it manages. Page 15 

Syrian hint on Mideast progre ss: US 

secretary of state Warren Christopher arrived 
in Damascus on a mini-shuttle that the US hopes 
can produce discernible progress in talks between 
Israel and Syria, amid a rare official hint of possible 
flexibility from Syria. Page 5 

Guinness, the drinks group, said it would defend 
an $S5m writ for damages issued by Thomas Ward, 
a Guinness director at the time of the takeover 
of Distillers in 1B88. Page 16 

Tourism *could sava wh al e s’ : Potential 
revenues from whale watching - an increasingly 
popular form of tourism - make the mammals 
worth more alive than dead, UK and US officials 
will argue ahead of the annual meeting of the 
International Whaling Commission. Page 6 

Endesa: Book-buUding for the global share offer 
in the Spanish electrical utility has now officially 
begun and subscriptions for the domestic retail 
tranche of the shares open on Wednesday. Page 18 

British troops to exercise hi Poland: British 
soldiers will today take part in a military exerdse 
in Poland. It will be the first set of war games 
by British troops in a former Warsaw Pact country. 
Pages 

Alcatel BV, a Belgian subsidiary ctf the French 
telec ommunicati ons group, is negotiating a $i5Qm 
loan to the Turkish government in a bid to keep 
Telefax its Turkish subsidiary, afloat Page 18 

Bank attacked over Crest system: The 

Bank of England's handling of the Crest share 
settlement sys t e m has hem sharply criticised 
by a former executive of the Securities and Invest- 
ments Board, the City’s chief regulatory watchdog. 

Page 7 

puQ-out blew to Eko Stahl: The Treuhand 
privatisation agency was last night seeking ways 
to salvage Eko Stahl, eastern Germany’s largest 
steel min, following the decision by Riva, the 
private Italian steel company, to pull out from 
buytog the plant at the 11th hour. Page 2 

Four In a roar tor Schuma cher : German 
Michael Schumacher , driving a Benetton, continued 
Ms dominating start to the Formula One season 
by finishing first in the Monaco Grand Prix, making 
it four wins out of four. Britan Martin Brundle, 
in a McLaren, was second and Austrian Gerhard 
Berger was third in a Ferrari. 


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MONDAY MAY 16 1994 


DS523A 


Orly to open for UK flights 


By Paul Betts in London 
and John Ricking hi Pari* 

Britain and France agreed a 
compromise yesterday on the 
opening up of Orly airport in 
Paris to UK airlines, 24 hours 
before the escalation of a poten- 
tially damaging dispute. 

Under the accord, reached after 
two days of ipiwHriw i tol ep h o u A 
negotiations between the two 
countries’ transport ministers, 
France agreed to open Orly to 

fli ghts firm T Aminn by flip nf 

next month at the latest 

Britain, meanwhile, will con- 
sider improving * access for 
French airiinas to London air- 
ports, particularly Heathrow, in 
fine with European regulations. 

British Airways and Air UK. 
had threatened to defy a haw by 
the French government and 
launch services to Orly this 
morning. They had announced 
plans to start fH gfitg to air- 
port in southern Paris following 
a ruling last month by the Euro- 
pean Commission which said 


Ministers head off crisis with deal giving 
British carriers access to Paris airport 


France must immediately open 
the Landon-Orly routes. 

After the agreement was 
amw)mv«ad l Mr John MacGregor, 
the UK transport minister, said It 
was “a victory for European open 
skies”. The dispute had been “the 
first test case” for implement ing 
the European Union ’s new liber- 
alised air transport market 

His French counterpart. Mr 
Bernard Bossan, who bad warned 

the British rairTinae a gainst trying 

to fly to Orly without official 
approval, described the agree- 
ment as equitable. 

The dispute came to a head last 
weak when Mr Bo&son declared 
that the planned London-Orly 
flights could not start until a 
number of problems had been 
resolved. These included the 
implementing of measures to 


S Africa hit by 
resurgence of 
political violence 


ease congestion at Oriy, environ- 
mental considerations for focal 
residents and improved access to . 
H e at hrow for French afrifaftc . 

Britain yesterday agreed to the 
short delay in the opening up of 
Orly, the main airport for domes- 
tic French destinations, after 
receiving French government 
guarantees that it would be 
opened as sotih as possible to UK 
arfrWnp. competition. 

In a joint statement, the two 
governments said France would 
do “everything in complete trans- 
parency” to solve the' safety, 
environmental and . congestion 
problems at Orly in accordance 
with European provistanap 

BA and Air UK both welcomed 
the agreement Sir Colin Mar- 
shall, BA’s chairman, said: “OUT 
objective all along was to secure 




By Mark Suzman In 
Johannesburg and 
Gordon Cramb in Cape Town 

South Africa's respite from its 
problems an dad at the weekend 
as at least 15 people died in politi- 
cal violence, and ministers in flu 
new all-race government tussled 
over budget allocations. 

The incidents 'highlighted the 
harsh r ealities facing the new 
government, following the past- 
election euphoria. President Nel- 
son Mandela’s government 
has to make early decisions on 
economic policy. 

Ffears of a resurgence of vio- 
lence grew after 12 bodies were 
discovered on Saturday in a 
house in Thokoza, a black town- 
ship east of Johannesburg, in the 
worst incident since the coun- 
try’s first democratic elections 
began three weeks ago. Alth ough 
the political affiliations of the 
dead were not immediately 
known, Thokoza has been a cen- 
tre of clashes between supporters 
of the victorious African National 
Congress and the Zulu-dominated 
Inkatha Freedom party. 

Police did not rule out involve- 
ment of the so-called “third 
force*, a shadowy group of 
extremists with links to Hue secu- 
rity forces who have attempted to 
destabilise South Africa’s transi- 
tion to democracy.. 

The killings followed a series of 
incidents between. Inkatha and 


ANC factions at the Western 
Areas Gold mine west of Johan- 
nesburg last week which left 
seven workers dead before man- 
agement and the security forces 
negotiated a stand-off between 
the groups of workers. 

In the KwaZulu/Natal region, 
where the worst pre-election 
bloodletting took place, there-, 
were at least three politically' : 
movtivated deaths over the week- 
end. Chief Mango suthu Butfae- 
lezi, whose Inkatha Freedom 
Party won control of the KwaZu- 
hi /Natal provincial legislature, 
warned that violence would scare i 
off vital foreign investment. 

Meanwhile,' provincial and 
national leaders have begun cam- j 
peting for scarce budgetary ; 
resources ahead of next month's ' 
badge! 

Mr Ben Turok, a radical politi- 
cal scientist from the University 
of Durban Westville, who has 
publicly called for higher rates 
and taxes fix* whites, has been 
put In charge within the regional 
cabinet of implementing the 
ANCs reconstruction and devel- 
opment programme in the Pre- 
tor la- Wllwaleia a nd-Vere en ig in g . 
(FWV) region around Johannes- 
burg. This is South Africa’s eco- 
nomic heartland, a c co unti ng for 
some 39 par cent of GDP. Mr 
Tokyo Sexwale, the region’s pre- 
mier, has promised to consult 

Continued on Page 14 



Irish prime minister Albert 
Reynolds (right) and President 
Bill Clinton after a memorial 
ceremony to Robert F. Kennedy 
and Martin Luther King at the 
weekend. Speaking in the US, Mr 
Reynolds raised hopes of ending 
the deadlock on peace in North- 
ern Ireland. Page 14 nouwAP 


Foreign companies angered 
by Japanese tax increases 


By Robert Poston In London and 
Paul Abrahams md 
Michfyo Nakamoto in Tokyo 

European and US companies 
operating in Japan are receiving 
swingeing increases in their tax 
bills, following systematic inves- 
tigations of their profitability by 
Japan’s national tax agent?. 

Tax increases running to hun- 
dreds of million dollars have 
been imposed on Coca-Cola, the 
US manufacturer of soft drinks, 
Roche and Ciba-Geigy, the Swiss 
pharmaceutical groups, and 
Hoechst, the German drugs 
group. 

Other Mg companies, including 
US chem i cal s group DuPont, are 
currently being assessed by the 
Japanese tax authority and fear 
similar increases. 

The national tax agency has 
alleged that many western com- 
panies have been under-reporting 
profits earned in Japan in order 
to mfnimfcp their tax Mils. They 
accuse western companies of 
levying excessive royalty pay- 
ments on their Japanese subrid- 


r 


iaries and associates, ft is also 
alleged that the Japanese off- 
shoots are being charged too 
much in tranrier prices for mate- 
rials imported from their parent 
companies in the west, to boost 
(heir profits at the expense of the 
J apanes e arm. 

Executives of the affected com- 
panies say privately that they 
believe the tax increases are a 
reprisal for substantial tax 
increases imposed on Japanese 
companies by the US Internal 

Revenue Service. 

The IRS alleged that Japanese 
companies have inflated the 
transfer prices at which they ship 
goods to their PS subsidiaries. 

“This is a really serious prob- 
lem,” said Roche, which received 
a Mil for YlObn (S96m) in addi- 
tional taxes for the three years 
between 1990 and. use. 

Cfoa-Geigy, which was charged 
an additional Y5.7hn in taxes for 
1990 to 1993, said: This assess- 
ment Is unjustified and outra- 
geous. ..The company will use 
all possible avenues to oppose 
this assessment” 


CONTENTS 


A Swiss official said Swiss tax 
officials would be visiting Japan 
in the tmntng week for talks on 
the increases with the National 
Tax Agency. 

Coca-Gola (Japan), which is the 
single largest taxpayer among 
foreign affiliated companies in 
Japan, is appealing against a 
Y15bn tax penalty recently 
levied, and alro wants bilateral 
government talks. 

Hoechst refused to quantity 
bow much increased tax it faced, 
but said it was appealing to a 
Japan-Gennany intergovernmen- 
tal tax committee. 

Mr Terry Symons, a partner of 
accountancy firm Price Water- 
house specialising in transfer pri- 
cing, said The public face of the 
National Tax Agency is reason- 
able and cooperative. But at a 
local level that cooperation is 
ignored. International rules are 
not understood and officials are 
aggressive.” 

He also warned: “Some western 
companies are so concerned, they 
are considering not putting new 
investment into Japan.” 


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our light to fly to Oily and we 
have done that” 

Air UK will delay, aterting its 
Orly services from London's 
Stansted Airport Both BA and 
Air UK will cmtiniie operating 
services to Charles de Ganlle, 
Paris’s other airport 
Mr MacGregor canBnned that 
Britain would continue opposing 
French plans to inject FFrtOm 
483.4m) of lbesh capital into Air 
France, the financially troubled 
French natirmai carrier. He »i« 
said the UK would continue to 
take a strong position against 
state subsidies for other Euro- 
pean national- carriers. 

The UK and its airlines are also 
expected to continue putting 
pressure on France to open Oriy 
weD before the end of the June 

ripflrtUn p 


Despite yesterday's agreement, 
the French government faces 
continued opposition from trade 
unions to increased competition 
on domestic routes: Union groups 
at Air Inter, the domestic subshK 
iary of Air France, the loss-mak- 
ing stateowned carrier, are pian- 
xung a one-day strike tomorrow 
to protest against liberalisa- 
tion of the French aHrMnw market . 

The French government is also 
resisting the timetable of deregu- 
lation which has been demanded 
by the E u ropean Cammzssioa. It 
is appealing to the European 
Court of Justice against a Com- 
mission ruling that the Oriy- 
Toulouse and Orly^Marsefiles 
routes must be opened to compe- 
tition wtthto six. months. : 

TAT European Airiznes,-BA’s 
French affiliate, said yesterday's 
agreement encouraged it . to 
believe France would implement 
the EC ruling on the Orly-Toul- 
ouse and Oriy-Marssilles routes. 

Business Travel, Page 8 
Lex, Page 14 


' 






* 

* 

* • 


Russian 


fiTTnl 


By John Lloyd In Moscow. . 

Russian prime minister Victor 
Ghexncsnyrdin has pledged to to 
continue tight money and credit 
policies, .in spite of having 
reached what he calls “the 
trough of the crisis” in the coun- 
try's economic faransfanpation. 

Mr Cheznomyrdiii, writing in 
today’s Financial Times, prefficte 
that bis economic policies will 
produce infiation of between 7 
and 8 per cent a month by the 
end oC ihe ^year, down from a 
high of arojmd SO per cent at the 
end of last year. 

He acknowledges that , the con- 
sequences cf . refonn have bam a 
drop in production in the first 
quarter of alxmt 26 per cent, com- 
pared to the same period last 
year, but says that this, did not 
and wifi. not. deflect the govern- 
ment's course. 

Referring, to the intense pres- 
sure from ministers to. increase 
sp ending , Mr Chernomyrdin, says 
that evety member of his cabinet 
“fully understands that a- strong 
rouble is the indi^ensabte'oonrit- 
tion fra* the revival of fbe Rus- 
sian economy”. .. 

“OUT mrawiwi fainV is dak* he 
writes, “that every Russian citi- 
zen should know that everything 
Us government tioeS is directed 
toproteettbe purriiaang power 
6£ the.rouhtes fra eazhsf- 

He aim holcb but fee prospect 

inf thft he ghrt^ng s.nf m BnraWnfc 

revival m fee near fixture. ' 

*We are -how Hying through 
the trough of the crisis. In. the 


break. frUm the^ ^ba^c tieghtfve 
tendepdes wh ife. havebfiid back 
our development in fee bst two 
or three years.” . . 

>; However, .he makes dear feat 
he does not envisage mass foe 
tey-dosm»s md a sharp rise, in- 
fee unemidflymfint rate; as . that 
waaM “sharply worsen titepdfiti- 
cal and the social sfexationin.fee' 
country”v . ’’\ 

.Mr Qxeroomyrffin presents, frar 
fee first time, fee ootitoe of ah 
action progra mm e on structural 
industrial' change which divides 
enterprises into three groups: 
those which are adapting 


- Continued Ott Fage 14 
No erhs tm the road to uxsufcet, 
hpi3’ 


FINANCIAL TIMES LIMITED 1994 No 32,367 Week No 


LOUDON - PARIS - FRANKFURT - NEW YORK - TOKYO 


P Wa gave mem ‘krtefflgenr te^kfrngs 

I on our awarcHwtnnlns Newcastle Bttslne» 

. Park. 

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J. energy and enthuslaam to help get them 
I off the ground. 

I And we gave them a flying start with - , 
our euper-generour financial package. 

I Cali Tyne and Wear now on 0800 
838888. It's fast becoming Britain’s 
I favourite business destination. 


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rourftnancial package. -| 

end Wear now on 0800 ^ mR j 

fast becoming Britain's T V" r j Tr,i ----.- . “ , *" M J 

ess destination. mw trnK mm hctj 














FINANCIAL TIMES MONDAY MAY 16 1 994 


INTERNATIONAL 


Hopes at Eko Stahl dashed as Riva pulls out 


By Judy Dempsey h 
Bserihfittmtadt 

The Treuhand privatisation agency 
was last night s eeking ways to sal- 
vage eastern Germany's largest steel 
mill following the decision by Riva, 
the private Italian steel company, to 
pull out from buying the plant at the 
11th hour. 

As Mis Birgit Breuel, president of 
the Tteuhand, held folk* with man- 
agement state and union officials, 
the people of ESsehhattenstadt, dose 
to the Polish border, had little confi- 
dence a buyer would be found. 

“It is now pretty hopeless," said 
Wolfgang Hirsch, a 3S-year-old who 
used to work at the Eko Stahl steel 
milL “If the mill closes, Hsenhfltten- 
stadt has nothing else to offer its 
50,000 people. The town was built in 


1951 around the new steel mill which 
the communists located here.” 

Before German unification in 1990, 
the mill was producing an 
2JSm tonnes and employing 12,000 
workers. Today, it produces 900,000 
tonnes and has 3,000 full-time work- 
ers on the pay-roIL 
“Many of the unemployed from the 
mill just sit at home,” said Ms Birgit 
Henichl, a nurse at the local hospi- 
tal “They drink more and more. 
They have no perspective. Many 
young people have already quit and 
gone to west Germany. We thought 
the Italians would save the plant” 
Riva withdrew at the weekend 
despite the go-ahead by the Euro- 
pean Commission allowing the Treu- 
hawd to earmark DM813m (£32Sm) 
to the plant The capital would be 
used to modernise the cold rolling 


mill and invest in equipment for 
manufacturing hot-rolled flat prod- 
ucts, both aimed at converting the 
loss-making Eko Stahl into an inte- 
grated and competitive mflL 

Riva's decision to pull out was 
apparently precipitated by a row 
with IG Metall, the engineering 
union. Riva had wanted to reduce 
the workforce by 700 to 2^00 as soon 
as possible, while the union wanted 
the jobs to be slowly phased out up 
to the end of the year. Both sides 
also failed to agree on the composi- 
tion of the supervisory board. 

Riva had intended to invest about 
DMlbn in the ™ii, and nag commit- 
ted to guaranteeing 1,700 jobs 
between 199? and 2004. For its part, 
the Treuhand bad agreed to pick up 
Eko Stahl’s debts and losses, and 
provide the investment grants 


which, combined, amounted to 

DM2.7bn- 

The collapse of the Riva deal will 
be greeted with some relief by west 
G ermany 's steel manufacturers, who 
had persistently opposed the mod- 
ernisation plan. They had argued 
that the construction of a modem 
hot rolling mill would pose a threat 
to the industry. 

But more significantly, Eko Stahl 
would contribute to the already high 
levels of overcapacity in Germany's 
steel sector. 

As a compromise, a consortium, 
led by Thyssen and Preossag, the 
steel manufacturers, proposed buy- 
ing 50 per cent of Eko Stahl’s cold 
rolling mfflj /-irurfwg down the hot- 
blast furnaces, and securing 1,000 
jobs for the mill's subsidiaries. The 
Treuhand rejected the plan. 


But the Treuhand’s insistence on 
creating an integrated steel mill at 
EisenhQttenstadt, at considerable 
expense to the taxpayer, reveals a 
shift in its own philosophy. 

In 1990 and early 1991, the agency 
had rushed to dose down enter- 
prises. - for example. Interflag, East 
Germany's state airline, on the 
grounds that it was making huge 
losses and not worth restructuring. 

In reality, west German airline 
carries did not want competition. 
Throughout th at period, the number 
of jobs available in eastern Germany 
decreased from 9-3m to &2m. with 
the Treuhand at the forefront in 
speeding up privatisation and dos- 
ing down enterprises. 

Yet since then, as Eko Stahl and 
other cases show, the Treuhand l»w 
increasingly anchored its economic/ 


ideological philosophy in social and 
political considerations. An official 
of the West Goman Steel Federation 
agrees. "Eko Stahl Is a political 
issue. The Treuhand and the govern- 
ment cannot afford to close it (town 
because there’s nothing else In the 
region,” he said. 

The Treuhand goes one stage fur- 
ther in justifying its attempts to 
save Eko StahL “We will try to find 
another buyer to Eko Stahl because, 
eventually, a modern, integrated 
steel mOl on the borders with east- 
ern Europe has a great chance,” an 
agency official said. “We have to 
restructure and look to the long 
term because we have to turn some 
of these regions of eastern Germany 
into highly competitive industries. 
Otherwise there will be a desert. 
That is what Elm Stahl means." 


Survey will add to calls 
for postal liberalisation 


By Roland Rudd 

The European Commission win 
tomorrow come under renewed 
pressure to liberalise postal 
services, with the publication 
of a survey revealing signifi- 
cant dissatisfaction with the 
reliability and cost of services. 

The poll of business postal 
asms in Belgium, France, Ger- 
many -iTiri Spain comes as the 
latest draft paper by the com- 
mission on drawing up a new 
regulatory framework indi- 
cates a move towards greater 
liberalisation. 

The Commission’s paper, 
entitled Proposal for Regula- 
tory Framework for Postal Ser- 
vices in the EU, says argu- 
ments to justify restrictions on 
the operation of direct mail 


and crosshorde r mail “are not 
sufficiently convincing". Fol- 
lowing publication of a postal 
green paper in 1992, the Coun- 
cil of Ministers last December 
asked the nwnmiiis ion to come 
up with legislative proposals 
on changing the regulatory 
regime before July 1994. 

Businesses now hope the EC 
will increase competition in 
postal services, liberalising 
direct mail and cross-border 
mail and opening express ser- 
vices and the mailing of publi- 
cations to greater competition. 

The survey was commis- 
sioned by the European Feder- 
ation of Direct Marketing 
Industries representing compa- 
nies such as Time Warner and 
Readers Digest It was not con- 
ducted in the UK or Holland 


because both countries have 
already begun to liberalise 
postal services. 

The federation’s research 
shows that many business 
postal users are unhappy with 
charges and the reliability of 
services. In particular, more 
than 70 per cent of German 
businesses are dissatisfied with 
postal charges and more than 
80 per cent of Spanish busi- 
nesses with reliability. 

Businesses believe the liber- 
alisation of the postal service 
in the four European Union 
member states will improve 
the quality and reduce the cost 
of services. 

Almost unanimous support 
exists to the principle of using 
any private or public postal 
service in any EU country. 


Polls show Gonzalez lagging 



By David White in Madrid 

The damage that recent 
corruption scandals have done 
to Mr Felipe Gonzalez’s Span- 
ish govemmeit is shown in a 
series of opinion polls giving 
the conservative opposition a 
decisive lead in next month’s 
European parliament election. 

The polls also show the rul- 
ing Socialists losing their abso- 
lute majority for the first time 
in the regional parliamen t of 
Andaluda. where elections are 
being held at the same time as 
the European ballot on June 
12 . 

Mr GonzSlez, la unching his 
party’s European campaign in 
Madrid on Friday, said it 
would have to make “an enor- 


mous mobilisation effort”. He 
admitted that the elections 
were taking place at “an 
extremely delicate moment”. 

The daily El Mundo, which 
has spearheaded allegations of 
corruption and financial mis- 
conduct by senior officials, 
published a poll yesterday 
showing the SnriaHst share of 
the vote falling to 32£ per cent, 
against 40.2 per cent in the last 
European election four years 
ago. 

This was almost Jive points 
behind the conservative Popu- 
lar party, whose vote was 
shown rising to 37.6 per cent 
from 21.7 per cent in 1986. 

This would give the Popular 
party 27 of Spain’s 64 European 
parliament seats, against 15 at 


present The Socialists would 
lose three or four of their cur- 
rent 2? seats. 

Another poll pnmmiarinniiri 
by the conservative Barcelona 
daily La Vanguardia gave the 
Popular party a lead of 5.9 
points, although half its 
respondents were undecided or 
bad decided not to vote. A 
majority thought the govern- 
ment was not doing enough to 
comhat corruption, and almost 
45 per cent thought Mr Gonz- 
alez -should resign. 

An earlier survey published 
by the right-wing Madrid news- 
paper ABC showed the Popular 
party 6£ points ahead. All the 
polls pointed to a strong result 
for the Communist-led United 
Left. 


Some of the 200 CftroSn Traction cars which gathered at a rally in Caen in northern France at the weekend Mar 


Dutch parties to discuss coalition 


By Ronald van do Krai 
hi Amsterdam 

Three Dutch political parties 
will this week begin exploring 
the formation of a coalition 
excluding the centrist Chris- 
tian Democrats XfiDA) from 
government for the first time 
in modem Dutch politics. - 

Queen Beatrix has appointed 
three elder statesmen from 
Labour, the right-wing Liberals 
and the left-of-centre D66 to 
hold preliminary talks on the 
possibility of creating a cabinet 
without the CDA. 


The CDA of the outgoing 
prune minister, Mr Rnud Lub- 
bers, suffered heavy losses in. 
general elections on May 3. 
Labour, which had ruled as a 
junior coalition partner with 
tiie CDA for five years, also 
lost seats in parliament but. 
emer ged as the biggest party 
overall. The Liberals ami D66, 
by contrast, made strung gains 
at the polls. 

The Queen's appointment of 
three “ inf orma tears” to 
explore a new coalition brings 
the possibility of a cabinet 
without the CDA a step closer. 


But ther e are still formidable 
hurdles on the road to a left- 
right cahinei: an untried phe- 
nomenon in Dutch politics. 

The three politicians - Mr 
Rises de Vries for Labour, Mr 
Gijs van Ardenne for the Liber- 
als and Mr Jan Vis for D66 — 
wffl have to try to bridge the 
gap between Labour, which 
wants no new reform of the 
social security system, and the 
Liberals, whidh is proposing a 
radical cut in benefits provided 
by the state. 

The three men do not hold 
seats in the lower house of par- 


liament and are not involved 
in the day-to-day politics of 
their parties, making it easier 
for them to explore options 
than it would be to colleagues 
who stood in the election. 

ft the three make progress, 
their party leaders may than 
be asked by the - queen to 
launch formal n e go tiations on 
a new coahtioiL 
However, the process could 
take weeks, and any failure to 
agree would give the CDA a 
chance to return to govern- 
ment and avoid relegation to 
the opposition benches. 


not so much a as a 

with £> F ✓ D f? 



Greek curbs on capital 
movement lifted early 


4 le»'" 


Proprietor if til 


CAPIMl UJ » -4 


By Kerin Hope <n Athens 

The Greek drachma could face 
more pressure today, following 
the government's unexpected 
decision at the weekend to lift 
all remaining restrictions on 
short-term capital movement, 
six weeks ahead of the July 1 
deadline. 

Mr Y mmng Papantoniou, the 
economy minister, said the 
decision to speed frill liberalisa- 
tion was taken “to rebut specu- 
lators' expectations and 
unfounded rumours” of a 
devaluation in the run-up to 
the dead! mo 

Economists described the 
move, which brings Greece 
into line with European Union 
rules on free movement of cap- 
ital, as a bold attempt to pre- 
empt speculative attacks on 


the currency as the date for 
lifting curbs approached. How- 
ever, they pointed out that 
there was now little likelihood 
of a drop in interest rates. 

The government aims to but- 
tress the drachma this week by 
launching' a new fe-vnp of Ecu 
and dollar-linked drachma 
bonds, which are popular with 
both domestic and foreign 
investors, at interest rates of 
7.5 and 7.7 per cent respec- 
tively. 

The Bank of Greece spent 
almost Slbn, equivalent to 
about 9 per emit of the coun- 
try’s foreign exchange 
reserves, to support the 
drachma following the 
D-Mark’s strong rise last week. 

The Greek currency fell from 
Drl472 to Drl48.1 against the 
D-Mark last week. On Friday, 


the interbank three-month rate 
jumped above 25 per cent, from 
19 per cent at the start of the 
week. 

However, central bank offi- 
cials dismissed the prospect of 
a massive outflow of capital 
with the disappearance of 
curbs that prevented Greeks 
from holding bank accounts or 
making short-term invest- 
ments abroad 

There is greater concern 
about the effects on the Greek 
currency of lifting the ban on 
short-term borrowing in drach- 
mas by international investors. 

However, the bank still 
appears committed to its “hard 
drachma” policy under which 
the Greek currency will be 
allowed to slide by only 7 per 
cent tins year against other EU 
currencies. 


Berlusconi’s programme 
faces vote of confidence 




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‘ 7 urM p° M'JCeX"). ' 


By Robert Graham in Rome 

Mr Silvio Berlusconi, sworn in 
as Italy's prime minister last 
Wednesday, faces his first par- 
liamentary test this week 
when the programme of his 
right-wing government Is put 
to a vote of confidence. 

His Freedom Alliance, which 
won the March general elec- 
tions, has an easy majority in 
the chamber of deputies but 
needs to attract external sup- 
port to win In the senate. 

Government failure to win 
confidence in both houses 
would open up a political crisis 
that could lead to new elec- 
tions. 

Mr Berlusconi formulated 
last week the outlines of his 
programme with his main 
allies - the populist Northern 
League and the neo-fascist 
MSI/National Alliance. But he 
has been finalising details over 
the weekend after receiving 
suggestions from individual 
ministers. 

The programme is set to give 
priority to deregulation, tax 



Berlusconi: needs support 

reform and privatisation. It 
will be outlined first before the 
senate today. Particular atten- 
tion will focus on how Mr Ber- 
lusconi choses to tackle the 
issue of privatisation. The 
Northern League has hinted it 


will seek a 30-day freeze on all 
privatisation to re-examine 
existing procedures. 

The senate vote of confi- 
dence is expected on Wednes- 
day and that of the chamber of 
deputies by the end of the 
week. 

In the 315-seat senate, Mr 
Berlusconi’s Freedom Alliance 
has 156 seats but needs 164 to 
be assured of a majority. 
Against this there are 117 sena- 
tors in the progressive block 
and 34 belonging to the Popu- 
lar party. There is a farther 
"mixed group” that comprises 
19 seats plus 11 life senators. 

When the various parties 
voted for a new speaker last 
month, the government candi- 
date won by a single vote. To 
be assured of a comfortable 
working majority, the media 
magnate-turned-poUtician 
must be able to rely on some of 
the former Christian Democrat 
senators, especially those who 
are disillusioned with their 
partnership with Mr Mario 
Segni, the pro-reform “referen- 
dum” leader. 


Turkey 
struggles 
as IMF 
team 
flies out 


By John Mttray Brown 
In Istanbul 

Officials of the Mentation*! 
Monetary Fund and World 
Bank fly out of Turkey thh 
week, leaving Mrs Tan*o 
Oiler’s conservative-tod coast 
tion and its economic 

in Umbo. 

Agreement on a stand-by 
facility from the Fund is at 
least six weeks away, and ft 
will probably be September 
before structural adjustment 
credits from the Bank can be 
approved. 

In tiie meantime, Turkey has 
to hold the line on wages, 
meet its own extremely tough 
targets on fiscal adjustment 
and service its $66bn (£45ba) 
foreign debt 

"Hie Fund’s endorsement of 
the austerity programme 
which Mrs Ciller unveOed on 
April 5 is vital to unlock 
funds, without which Turkey 
may have difficulty Bm<m% 
its balance of payments. 

The domestic markets 
remain jittery. 

Even with interest rates to 
the overnight market soaring, 
the currency is tottering at 
around 1X34,000 to the dollar, 
representing a 60 per cent 
devaluation since the start of 
the year. 

Bankers are concerned that 
w i t h o u t the Fund's approval, 
further commotion could hit 
the international markets. 
Turkey’s longterm debt crefflt 
rating has already been down- 
graded three times this year 
by Standard & Poor’s, the US 
rating agency. 

For this reason alone, the 
Fund seems likely to endorse 
the programme and agree a 
letter of intent, even with 
some misgivings. 

In particular, the Fund is 
understood to be doubtful 
about whether the inflation 
targets, on which the whole 
pro gr amm e is based, can be 
achieved. 

Inflation touched 24 per cent 
in April, in the wake of the 
one-off price rises on official 
rnmmnHitiiw According to Mr 
Necatf 'Ozfirat, head’ of tiie 
State Planning Organisation, 
inflation will fall to 7 per cant 
in May, and 28 per emit to the 
second half of the year as a 
whole. Turkey’s year-on-year 
inflation was 107 pm* cent in 
April. 

Achieving such a target w21 
depend in part on a political 
consensus; wage talks are dm 
in June with both the dvfl ser- 
vants and workers in tiie state 
industries. 

The revenue side looks more 
solid. One-off tax charges on 
the rich have been passed by 
parti ament Parliament passed 
decree powers for three 
months allowing the govern- 
ment to prepare companies for 
sale. 

Indeed in April the budget 
d efic i t fell from TL7,300bn in 
the same period in 1993 to 
SOObu last month - although 
the fen is partly explained by 
the large amount of tax felling 
due in April, 

Last week, in another 
encouraging development, the 
Treasury sold bills at the 
domestic auction for the first 
time since the start of toe 
year. The issue was a mull 
one, the Treasury receiving 
offers for TL6,OOObn-worth of 
one mouth paper at 12 per cent 
a month. 

With international maria* 
temporarily closed off, domes- 
tic debt auctions are the only 
way, short of printing money, 
that Turkey can finance Us 
domestic budget. 

Together with agreement 
from the banks to convert a 
part of their maturing Tree- 
sury MU portfolio Into t hree 
year paper, inflation-indexed 

plus 6 pm* cent the goven^ 

ment is slowly restoring confi- 
dence in the markets. 


Cnnrcsni h ineorponad ufa jjfjHl 


FRANCE „ & 

Pubfahia* Director D. Good. ia . 

RiwH. M5W4 Pam CtdaOl-W^jT 
497-0021, Fix (01) 429MKR 
Ncrt Bdalr. 1921 

Roobai Gtda I. Etiitor Rido*4 “BSb 
ISSN: ISSN 1I4MB3. Gutuiuu** 

No 67808D. 

DENMARK _ .. 

Feudal Time* 

dated K2K DKrlW w 

pbott 33 13 44 41, fax 33 W O » 




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Ukrainians tend their gardens 
amid muddle and weakness 

JiS Barshay on the consequences of government paralysis 

U kraine’s future is 
looking as uncertain 
as ever, despite the 


NEWS: INTERNATIONAL 


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U kraine’s future is 
looking as uncertain 
as ever, despite the 
convening of a new pariiament 
last week. 

The parliament was unable 
to elect a head and is preoccu- 
pied with forming politically 
expedient, but unstable, coali- 
tions and arguing over the 
imperfect election law which 
brought it to power. 

No decisions appear to be in 
prospect on critical issues, 
such as whether to hold next 
month’s presidential elections 
or to launch economic reform. 

President Leonid Kravchuk 
is so weak be cannot amass 
enough support to put issues 
on the parliament’s agenda 
and the government, which is 
likely to be replaced In the 
coining months, is paralysed 
by infighting and the election 
season. 

Negotiations with Russia 
have collapsed over division of 
the Black Sea Fleet An Inter- 
national Monetary Fund group 
is in Kiev, but Ukraine is .still 
unable to meet the rather 
lenient roadbians required to 
release 9700m in loans. 

“Ukraine is a rudderless 
ship, with no direction, drifting 
at sea," said one western diplo- 
mat 

Despite the depth of the gov- 
ernmental paralysis, Ukraine 
remains socially »»ih politically 
stable. There have been no 
mass protests or strikes for 
nearly a year: While Crimea is 
continuing to strengthen its 
links with Russia, it has 
stepped back from outright 
secession. Nuclear warheads 
are being transferred to Russia 
according to the deal brokered 
by the US. . . 

Inflat ion has been reduced 




Kravchuk: about-face to stand as president a gain am 


from 90 per cent a month last 
December to 6 per cent in 
ApriL A market economy has 
been slowly emergyng as pri- 
vate businessmen openly flout 
Kiev’s stifling laws to survive. 

But thin promising under- 
ground economy, largely of 
trade and services, is function- 
ing without rules, providing 
ample opp o rtunity for growth 
in organised crime and corrup- 
tion. 

At the same tinw the legal 
economy has plummeted fur- 
ther. After yeara of 20 par cent 
annual dodtoes, Ukraine’s offi- 


cial statistics show a 34 per 
cent drop in GDP in the first 
quarter of this year, compared 
with the same period last year. 

Last Friday the factory 
which produces the affordable, 
albeit shabby, Zaporozhets car 
announced production was to 
be halted because unreason- 
able taxes were taking 100 per 
cent — and more — of profits. 
Mr Kravchuk has been squeez- 
ing the debt-ridden state indus- 
try for his budget while those 
who produce non-durables 
have easily evaded taxes. 

Ukrainians, on average, earn 


Split proposed for Russian 
state electricity company 


By Michael Smith 

RAO, the Russian 
state-controlled electricity 
company, would be split up 
and Its 'power 'stations 
restructured into a series of 
competing companies under 
proposals being considered by 
the Russian government. 

KP |IG Management 

Consoltteg of the UK, which 
drew up the proposals as part 
of a European Union-sponsored 
study, acknowledges that the 
system would lead to price 
rises for consumers. This is in 
part because it would enable 
subsidies to be eliminated. 

However, the proposed 
structure would help reduce 
costs and stimulate investment 
needed as power demand 
increases later in the decade, it 
says. It could also provide a 
framework for the industry’s 
full privatisation, although 
KPMG believes that is not 
essential. 


So far about 20 per cent of 
RAO’s shares have been 
offered to workers and private 
individuals. 

The country’s 72 local 
distribution companies, .Dr 
energos, which also generate 
some power themselves, have 
been established as Joint stock 
companies with some shares 
distributed to the private 
sector. However, RAO still 
owns majority stakes in most 
of them. As well as its stakes 
in the energos, RAO also runs 
the country’s largest power 
stations and the despatch 
system which selects which of 
them operate. 

KPMG's system, which 
draws heavily on .the UK 
electricity industry structure, 
says RAO’s large power 
stations should be formed into 
independent generating 
companies. 

In a draft report, KPMO 
suggests a system in' which 
each generating company 


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would hid in production offers 
daily. High-priced generators 
would not be chosen to operate 
if demand did not require it 

The energos, which operate 
-smaller generation plants, 
would be required to sell all of 
their energy, including their 
own needs, into the despatch 
market and buy back their 
requirements from it 

Energos wonld also be 
required to main t ain separate 
accounting records for 
generation, distribution and 
other activities. This would 
prevent cross-subsidisation. 

Most of the changes are 
similar to reforms being 
proposed in the European 
Union. 

The report says transitional 
arrangements would he needed 
during the implementation of 
the systen over several years. 
The market should continue 
to be regulated at both a 
federal and regional level, it 
says. 

French in 
Chinese 
cement deal 

By John RkkSng In Paris 

Lafarge Copp6e, the French 
building materials group, 
yesterday announced that it is 
to set up a joint venture 
cement manufacturing 
company in China as part of its 
strategy of expansion in 
rapidly growing markets. 

The joint ve n t ure company, 
to be called Beijing Chmeferge 
Cement will be situated about 
50km to the north of the 
Chin ese capital, and will be 
based on an existing 
production facility with a 
capacity of 700 tonnes per 
day. 

: Lafarge CoppOe said that 
production would gradually be 
expanded to take advantage 
of the growing demand for 
cement In ' the Peking 
area. 

The French group said that 
the consumption of c ement in 
Peking totals about fen tonnes 
per year and is growing at an 
annnal rate of about 10 per 
cent because of infrastruc- 
ture and public works 
projects. 

Lafarge Co ppfo said it 
would have majority control of 
the Joint venture and would be 
in charge of industrial 
operations. It said it had signed 
an agreement to establish the 
company with the Peking city 
authorities, but declined to 
disclose the size of the 
investment 

- Other members of the joint 
venture are Beijing Buaibel 
Mine Cement Industrial 
Company, the State Raw 
Materials Investment 
Corporation and Citicorp 

TntfeytiaMfmaV 


about |1S a month -40 per 
cent short of the $30 required 
to buy a basket of basic goods, 
such as bread and butter. 
Instead of going to work, 
Ukr ainians spend most of their 
time planting vegetable gar- 
dens at their dachas to ensure 
they do not starve this year. 

Discontent among the old ex- 
communist establishment, Mr 
Kravchuk’s main support base, 
is a great problem for him. His 
rhetoric on economic reform 
threatens their easy access to 
state subsidies as his policies 
destroy their ability to main- 
tain even low levels of indus- 
trial production. 

Having previously said he 
would not stand in the presi- 
dential race and prepared to 
cancel presidential elections 
and rule by decree, Mr Krav- 
chuk made an about-face and 
registered as a presidential 
candidate at the end of 
ApriL 

Though still trying to garner 
support to postpone elections 
through frequent television 
and radio broadcasts, the 
dejected leader left the opening 
meeting of parliament alone 
without uttering a word last 
Wednesday. 

The continuing muddle may 
provide a victory to the left tf 
elections - both presidential 
and local - are held next 
month: Communists will be 
able to argue that the correal 
decay is the result of market 
reforms, a potent notion in 
Ukraine where living stan- 
dards were much higher m»mTw 
S oviet rule, rather than the 
result of inaction. 

“Reform has never had a 
chance here, but it’s being 
hung out to dry " says a west- 

i^rsi CtflctaL 



Bosnian women carrying bags of UNHCR-donated floor the 10km to their homes in the village of Dubrave near Tnzla yesterday. 
Reports of skirmishes in northern Bosnia threw a shadow over a new international drive to raid the war In former Yugoslavia, 
Reuter reports from Sarajevo. Bosnian government army sources said their Moslem-led troops, normally outgunned by Bosnian Serb 
foes, had pushed Serb forces back In three separate attacks near Tuzla in recent days. mm ; «m 


Dutch-German initiative aimed at easing Russian concerns 


UK 


By Bruce dark. Defence C o rre sp o nd ent 

A company from the British army win 
today start a military exercise in Poland 
that is small in scale but large in political 
importance. It will be the first set of war 
games by British troops in a former War- 
saw Pact country. 

The four-day manoeuvre, which will 
focus on peace-keeping and involve 96 
British soldiers, is one of the first con- 
crete signs of the long-mooted military 
relationship between eastern and western 
Europe coming to Hfe. 

In a related move, Germany and the 
Netherlands yesterday announced an ini- 
tiative to upgrade the powers of the 52- 
nation Conference on Security and 
Co-operation in Europe. 

This initiative will be welcome in 


Moscow and could help to allay growing 
Russian concerns over ties between tts 
former allies and members of Nato. 

The German-Dutch proposals coincide 
with ideas mooted by President Boris 
Yeltsin during his visit to Germany last 
week, and they suggest that a tentative 
compromise is emreglng over the exten- 
sion eastwards of Nato. The proposals 
would give the CSCE the right to address 
the UN Security CotmdL and in some cir- 
cumstances to intervene in conflicts with- 
out the agreement of the warring parties, 
in other words to impose a settlement 

According to a Graman foreign ministry 
statement, a decision by the CSCE to 
inte r v e ne in conflicts would be taken “by 
consensus”. This could suggest something 
short of absolute unanimity among the 
CSCE's 52 members, which indude the 


US, Canada, all European states and for- 
mer-soviet republics. 

Moscow badly wants International 
approval for a de facto Russian sphere of 
influence in the Commonwealth of Inde- 
pendent States. The German-Dutch ideas 
say the CSCE should became involved in 
“peacekeeping" in the CIS, and in prac- 
tice this is likely to refer mainly to Rus- 
sian forces. 

This week's Anglo-Pohsh exercise, in 
the Polish town of Kielce, has been 
arranged by London and Warsaw bilater- 
ally, but is being billed by Britain as a 
project “in the spirit of* Nato’s Partner- 
ship for Peace plan. 

Poland has been the quickest of the 
former Warsaw Pact nations to build mili- 
tary ties with Western Europe, both bilat- 
erally and in the context of PEP. 



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4 




Notice of Partial Re d emp tion 


♦ 


CREDIT D’EQUIPEMENT 

DES PEITTES ET MOYENNES ENTREPRISES 


U.S. Dollar denominated Floating Rate Notes 1995 
Guaranteed by The Republic of Fiance 


NOTICE IS HEREBY GIVEN that in accordance with Condition 5(b) of the FRNs CEPME will redeem 40 per cent, of the aggregate principal 
amount of the FRNs issued as a result of converaion of thcllWpcr cent. Guaranteed Bonds 1995 of CEPME by two equal instalments on 15tn June in 
the years 1993 and 1994- 

The aggregate principal amount of the FRNs was U.S- $42,302,600. The principal amount of FRNs tn be redeemed was US- $16,922,900- In order 
to satisfy the second instalment the following FRNs will Ex redeemed at 100 per cent, erf 1 their principal amount on 15th June, 1994 (the 
‘’Redemption Dare”) when interest on such FRNs will cease to accrue. 


1038 2223 

1938 2226 

1939 2207 

1941 2229 

1942 2230 

1947 223* 

1948 2239 
1983 2240 

1981 2242 

1982 2245 

1967 2246 

1968 2247 

1970 2248 

1971 2253 

1972 2280 
1974 2261 
1076 2282 
1978 226? 
i960 2268 


2535 2859 
2538 2888 

2540 2867 

2541 2869 

2545 2878 

2546 2886 

2547 2888 

2550 2889 

2551 2890 
2553 2891 
2558 2886 


2564 2900 

2565 2901 


1985 2274 

1991 2275 

1992 2278 

1994 2279 

1995 2281 
1997 2283 

1999 2285 

2000 2287 

2001 2292 

2002 2295 
2005 2305 
2007 2306 

2010 2309 

2011 2309 

2015 2314 

2016 2317 

2017 2320 

2019 2321 

2020 2325 

2021 2326 

2026 2330 

2027 2334 

2028 2335 

2029 2339 
2034 2340 
2038 2345 
2041 2346 
20«2 2348 
2044 2348 
2090 2350 
2055 2352 
2057 2354 

2062 2382 

2063 2365 

2064 2389 

2065 2370 

2067 2372 

2068 2374 
2070 2375 

2073 3370 

2074 2377 
2077 2378 
2079 2385 
2060 2387 
2085 2388 
2096 2390 
2087 2392 
2094 2394 

2098 2395 

2099 2397 

2100 2400 

2102 3401 

2103 2403 
2109 2406 
2113 2407 
2115 2412 
2120 2415 

2122 2418 

2123 2419 

2124 2421 
2128 2422 
2130 2423 

2132 2425 

2133 2427 
2135 2433 
2138 2436 
2137 2439 

2144 2441 

2145 2442 

2146 2449 
2148 2450 

2152 2454 

2153 2456 

2154 2458 
2159 2459 
21 GO 2460 
2162 2462 

2193 2463 

2166 2468 

2167 2469 
2174 2471 

2177 2475 

2178 2477 

2180 2480 

2181 2483 

2182 2484 

2183 2485 
21B4 2488 

2191 2489 

2192 2483 

2194 2495 

2195 2488 
2198 2509 

2197 2510 

2198 2511 
2200 2515 

2203 2516 

2204 2521 
2207 2522 
2209 2524 
2212 2525 
2216 2SZ7 

2221 2531 

2222 2532 


2572 2905 

2573 2910 

2574 2912 
2576 2913 

2583 2914 

2584 2918 

2587 2920 

2588 2921 

2589 2924 
259? 2325 
2594 2927 


2601 2934 

2605 2935 

2606 2837 

2611 2936 

2612 2939 

2614 2940 

2615 2943 

2617 2944 

2618 2348 

2620 2950 

2621 2952 
2626 2955 


2629 2963 
2635 2986 
2836 2967 


2640 2968 
2645 2974 
2647 2976 
2651 2977 
2659 2979 


2675 2989 
2681 2990 
2690 2991 
2661 2992 
2692 2994 


2701 3006 

2702 3011 

2707 3013 

2708 3015 
2712 3017 

2718 3022 
2717 3025 

2719 3027 

2720 3029 

2722 3032 

2723 3039 

2725 3040 

2726 3041 

2728 3043 

2729 3044 
2732 3048 
2734 3051 

2740 3052 

2741 3053 

2742 3054 
2744 3056 
2748 3058 
2756 3060 
2762 3061 
2765 3069 
2775 30T2 
2777 3073 
2781 3074 
27*90 3077 

2791 3078 

2792 3003 

2797 3084 

2798 3086 
2804 3091 

2806 3092 

2807 3093 

2810 3096 

2811 3097 

2812 3098 
2814 3099 
2819 3101 
2824 3102 
2826 3103 

2828 3109 

2829 3111 

2830 3115 

2831 3119 

2832 3122 

2833 3124 

2835 3125 

2836 3126 

2837 3127 

2838 3128 

2841 3134 

2842 3137 
2844 3144 
28«5 3148 
2848 3148 
2851 3149 
3853 3154 


3157 3475 
3162 3478 
3164 3481 
3169 3484 
$170 3487 
3171 3468 
3174 3489 
3179 3494 

3181 3497 
3183 3496 
31 as 3409 
3186 3502 
31B9 9504 
3191 3507 

3182 3510 
3194 3515 
3198 3518 
3201 3522 
3303 3525 
3210 3926 
3214 3527 
3220 3529 
3222 3531 
3224 3532 
3226 3535 
3226 3538 
3229 3542 

3238 3545 

3239 3550 

3240 3552 
324? 3565 
3244 3557 
3248 3562 

3253 3569 

3254 3567 

3256 3570 
3258 3575 

3257 3676 
3256 3577 
3264 3579 
3285 3583 
3269 3587 
3274 3502 
3276 3583 
3279 3506 
3281 3597 
3285 3606 
3266 3606 
3288 3609 
3298 3613 
3300 3620 
3302 3621 
3305 3823 
3307 3826 
3309 3828 
3311 3632 
3318 3633 
3318 3834 

3320 3838 

3321 3637 

3323 3841 

3324 3642 

3325 3644 
3329 3649 

3334 3660 

3335 3851 
3337 36S4 

3341 3655 

3342 3861 

3343 3883 

3345 3664 

3346 3665 

3347 3866 

3350 3689 

3351 3671 
3353 3874 

3356 3880 

3357 3681 

3358 3682 

3380 3884 

3362 3691 

3363 3695 
3386 3896 
3366 3899 
3371 3704 

3373 3707 

3374 3710 
3378 3712 
3370 3713 

3381 3714 

3382 3718 
338S 3721 
3389 3723 
3392 3731 
3396 3734 

3396 3741 

3397 3750 
3388 3792 
3408 3756 
3412 3757 
3415 3759 
3422 3762 
3425 3764 
3428 3776 

3430 3777 

3431 3779 
3436 3780 

3440 3783 

3441 3785 

3443 3788 

3444 3787 

3445 3793 

3451 3796 

3452 3802 

3453 3803 
3458 3806 
3457 3813 

3480 3814 

3481 3815 
3463 3820 

3469 3821 

3470 3822 
3472 3833 
3474 3838 


3839 4135 

3842 4138 

3843 4142 
3848 4143 
3851 4144 
3862 4147 

3867 4148 

3868 4149 

3869 4150 

3870 4152 
3872 4155 

3877 4157 

3878 4159 
38ai 4182 
3883 4163 
3834 4164 
3885 4166 
3887 4167 
3890 4169 

3893 4171 

3894 4174 
3896 4175 

3899 4178 
3901 4179 

3903 4181 

3904 4185 
3908 4187 

3900 4160 

3910 4101 

3911 4193 

3912 4196 
3915 4198 
3918 4196 
3917 4202 
3920 4204 
3925 4206 
3934 4207 
3936 4210 

3941 4218 
3945 4219 
3948 4220 

3950 4221 

3951 4224 


3954 4231 
3856 4238 


3972 4245 
3074 4247 
3978 4249 

3981 4254 

3982 4257 
3884 4258 

3992 4262 
3994 4264 


3998 4271 
4005 4273 
4009 4274 
4011 4275 
4014 4276 

4016 4277 

4017 4278 

4018 4Z7B 

4019 4280 
4021 4281 
4034 4283 
4028 4286 

4031 4289 

4032 4292 
4034 4293 

4038 4294 

4039 4297 
4041 4298 
4043 4301 
4047 4302 

4050 4305 

4051 4311 
4053 4312 
4064 4315 

4059 4316 

4060 4318 

4061 4321 

4067 4330 

4068 4334 
4070 4336 
4072 4337 
4074 4339 
4076 4344 

4080 4348 

4081 4362 

4083 4353 

4084 4355 

4085 4356 

4088 4380 

4089 4361 
4094 4364 
4087 4375 
4098 4378 
41Q1 4360 

4103 4381 

4104 4382 

4105 4394 

4106 4397 

4107 4398 

4109 4400 

4110 4401 

4112 4404 

4113 4406 

4115 4407 

4116 4408 

4119 4409 

4120 4411 

4121 4414 
4124 4415 

4129 4434 

4130 4425 
4133 4428 


4429 4751 
4435 4753 
4437 4755 

4439 4756 

4440 4760 
4444 4784 
4446 47S6 
4449 4766 
4453 4767 

4455 4769 

4456 4770 
4458 4775 

4464 4778 

4465 4777 
4486 4787 
4467 4786 
4471 4789 

4474 4700 

4475 4704 
447S 4795 

4479 4707 

4480 4798 
4482 4500 

4485 4801 

4486 4802 

4488 4803 

4489 4808 

4490 4816 
4497 4816 
4409 4817 
4500 4818 

4502 4820 

4503 4821 
4506 4824 
4510 4825 

4611 4827 
4513 4831 
4516 4832 
4527 4833 

4529 4834 

4530 4838 

4533 4842 

4534 4844 

4535 4845 
4637 4647 
4539 4840 

4541 4851 

4542 4854 

4543 4857 

4548 4881 

4549 4883 
4567 4870 
4671 4871 
4573 4877 
4575 4881 

4577 4882 

4578 4883 

4579 4887 
4582 4890 
4586 4892 
4588 4894 
4696 4885 

4508 4897 

4509 4898 
4800 4901 
4601 4902 
4002 4903 
4803 4905 
4805 4906 

4608 4811 

4609 4912 

4610 4913 

4612 4916 
4619 4817 
4621 4818 
4626 4921 
4628 4923 
4831 4925 
4834 4026 
4639 «930 
4840 4837 
4643 4940 
4646 4947 
4660 4848 
46® 4850 
4854 4982 
4657 4955 
4859 4960 
4668 4965 
4889 4967 
4872 4968 
4673 4971 

4678 4976 

4679 4984 
4881 4888 
4683 4890 
4884 4992 
4685 4995 
4887 5000 
4692 5003 
4893 5006 

4695 5007 

4696 5010 
4699 5011 
4703 5012 
4708 5015 
4710 5017 
4712 5018 

4716 5019 

4717 5020 
4720 5028 
4722 5029 

4727 5031 

4728 5038 

4732 5030 

4733 5040 

4734 5044 
4738 5045 

4737 5046 

4738 5049 
4741 5050 
4743 5052 
4745 5053 
4747 5058 


19000 19308 

19001 18314 


29068 293fs 


19002 19316 
19005 19316 


19008 1B319 

19009 19320 


19011 19322 
19013 19329 


19014 19330 
19016 18332 


29072 29357 
20075 29358 

29076 29360 

29077 29381 
20078 23352 

29079 29353 

29080 23364 


19019 19333 
19023 19337 


19032 1B341 

19034 19346 

19035 19348 


19045 19355 
19047 19359 


1S046 18065 
19050 19386 
19053 19370 


19055 19371 

19056 18372 


19060 19375 

19061 19378 

19066 19379 

19067 19380 


29088 29372 

29089 29377 
29091 29780 
29093 297B1 
29095 29782 
29098 29784 
29102 29785 

29105 29790 

29106 23702 

29107 29795 

29108 29706 

29111 29903 

29112 29904 
26117 29006 
29116 29909 

29123 29913 

29124 29915 

29125 29916 


19070 19382 

19071 18383 
19075 19385 


29137 33262 

29138 33284 


29139 33271 

29140 33625 


19076 19388 
19078 18391 


29141 33628 
29T42 33830 


19079 19384 
19081 19395 


29145 33834 

29146 33638 
2915 2 33639 


19095 19405 
19106 19407 
19109 19409 
191 IQ 10410 
19111 19411 

19113 19416 

19114 19418 

19115 19422 
181 16 19423 
19123 19424 
10132 19428 

19134 19427 

19135 (9429 
19138 19434 
10138 19438 


29155 33842 
29157 33646 


29181 33850 


19141 19444 

19143 19446 


19148 19448 

19149 19449 


19153 19450 

19154 19461 


19158 19483 

19159 19488 


19160 19471 
191B1 19473 


19164 19474 
19168 19483 


19170 19485 

19171 19486 


19172 19487 

19173 19490 


19176 19493 
19180 19494 


19182 19495 
191B8 19500 


19188 10503 

19190 10607 

19191 19510 
19195 19511 
18197 10514 
19198 19518 

19204 19518 

1 9205 19S19 
19208 19520 
19211 19522 
18212 19524 
10215 18S27 

19219 19530 

19220 19501 
19223 19534 

19229 19535 

19230 19536 

19231 19542 
19233 1SS43 
10239 19544 
19243 19547 
19250 19551 
10254 19554 

19256 19556 

19257 19569 

19258 19570 
10260 1B572 

19262 1957B 

19263 19577 


19264 19578 
10265 19580 


19288 19582 
19268 1956S 


19288 19588 
18270 18591 


19271 19582 

19272 19598 
19276 19597 
19279 19598 
19283 19605 
19285 19008 
19288 19609 
18294 19620 
18297 19621 

19298 19625 

19299 19626 

19300 19827 
18304 19831 


29185 33663 
29167 33664 

29172 33655 

29173 33858 

29176 33658 

29177 33660 

29178 33665 
29180 33870 

29182 33671 

29183 33672 

29186 33873 
29190 33674 
29192 33675 
29194 33678 

29106 33678 

29107 33880 
29203 33684 

29208 33688 

29209 33889 
29211 33891 
29213 33894 
29217 33697 
29221 33898 

29224 33899 

29225 33701 
29236 33702 
29227 33703 

29231 33705 

29232 33708 
29238 33712 
29240 33713 
2S245 33718 
29246 33720 
29248 33722 
20249 33723 

29251 33724 

29252 33732 

29253 33736 
28254 33739 

29256 33743 

29257 33747 
23259 33748 

29267 33754 

29268 3375S 

29272 33768 

29273 33773 

29274 33778 
29278 33786 
29277 33789 
29282 33797 
29285 33799 
29289 33803 
28290 33805 
29291 33809 
29297 33810 
29301 33811 
29802 33815 

29305 33816 

29306 33817 
29308 33823 
29308 33825 
29310 33830 
29312 33834 
29314 33838 
29316 33837 
29319 33838 
29328 33839 
29331 33845 
23332 33846 

29335 33848 

29336 33852 

29338 33864 

29339 33860 

29340 33888 

29341 33870 
29343 33871 
23345 33873 
29351 33879 
29353 33880 


Payment of the above FRNs will be made against their surrender at any of the offices of the Raying Agents specified below, on and after the 
Redemption Date. FRNs must be presented for redemption together with all unmanned Coupons appertaining therein. 

The aggregate principal amount of the FRNs outstanding, as defined in the Prospectus for the lift per cent. Guaranteed Bonds 1995, following the 
redemption of the above FRNs will be Nil. 

Payment of Coupon number 21 will be made in the normal manner on, and after. I5ch June, 1994. 


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(For the payment of principal only) 
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FINANCIAL TIMES MONDAY MAY 16 199 4 

NEWS: INTERNATIONAL 


Authorities refrain from raising interest rates |J§ Korea 


India curbs lending coo ! s 
to rein m inflation tensions 


By Stefan Wogstyf 

in New Delhi 


The Reserve Bank of India, the 
central bank, at the weekend 
imposed curbs on bank tending 
in order to help contain rising 
inflatio n but has left interest 
rates i «n«»Tuiiiggd to prevent sti- 
fling Industry. 

The central bank aims to cut 
the Inflation rate, as measured 
by the wholesale price index, 
by four percentage points from 
Its current level of over 11 per 
cent a year, said Mr C Ranga- 
rajan, the governor, after a 
board meeting cm Saturday. 

The board met to determine 
credit policy to the end of Sep- 
tember amid mounting con- 
cern about inflfltinn which bag 
risen from a low of under t per 
cent last summer to over U per 
cent recently. 

But with interest rates high 
by international standards and 
industry only just beginning to 
recover from prolonged stagna- 
tion, the central bank's direc- 
tors felt they could not tighten 
monetary policy much. They 
judged that after cutting rates 
four times in the year to Febru- 
ary, bringing the tending rate 
down to 14 per cent. It was too 
early to start raising rates. 

instead of Increasing interest 
rates the central bank has 
lifted by one percentage point 
the cash reserve ratio - the 
proportion of deposits which 
commercial banks must 
deposit at the central bank. 
Controls on export finance are 
also being tightened. With the 
help of these measures, the 
central bank hopes to reduce 
the rate of increase in the 
money supply from an esti- 


Wtnfanrie prices 
annual percenttf}* chsnps 



34 Apr 


mated 17.9 per cent for the 
year ending in March 1994 to 
14-15 per cent for 1994-95. 

Mr Rangarajan said he 
would not hesitate to act more 
aggressively if inflation contin. 
ued to rise further then expec- 
ted. Be thought the rate of 
Increase would level off after 
another two months. 

infla tion has been pushed up 
in recent months by a combi- 
nation of financial pressures 
and price increases in impor- 
tant commodity markets, 
Inriniting sugar, edible and 
cotton. The flood of foreign 
exchange coming into India, 
fuelled by increases in foreign 
portfolio Investment, has 
raised foreign exchange 
reserves to a record M7bn, 
compared with about $lbn in 
mid-1591 when a balance of 
payments crisis forced India to 
take emergency loans from the 
IMF and start wide-ranging 
economic reforms. 

The inflationary impact of 
this inflow has been com- 
pounded by high levels of gov- 


ernment borrowing: The fiscal 
deficit for the year ended in 
March rose to 7 .3 per cent, 
against a target of 4.6 per cent 
■ and the target for this year hag 
been set at a generous 6 per 
cent Even though Mr Rangara- 
jan said the government has 
kept its borrowings well under 
control in the find few weeks 
of the new financial year, some 
economists doubt whether the 
discipline will be mainferiTiPri 

With important state elec- 
tions due Jatw this year and 
early next year, the riding Con- 
gress (I) party will be tempted 
to overspend rather than 
underspend the budget, partic- 
ularly an subsidies to farmers. 

India has generally been 
more successful than many 
developing countries in con- 
trolling inflation. Prices rose 
by an annual average of just 
over 8 per emit in the 1980s. 
The inflation rate soared dur- 
ing the 1991 economic crisis to 
a 13.7 per cent, but, with the 
help of curbs in public spend- 
ing, foil sharply to &2 per cent 
for 1993-94. 

However, with so many poor 
people, the country cannot 
accept sustained high levels of 
price increases without bring- 
ing hardship and the risk of 
civil unrest The authorities 
therefore tend to be very sensi- 
tive to the dangers of inflation. 

Whether they succeed in 
curbing price increases this 
time will depend largest on 
how the government Tmflwngpfi 
its budget in the face of politi- 
cal pressur e s . The IMF, in its 
recent World Economic Out- 
look, singled out inflation and 
a weakening of fiscal manage- 
ment as “troubling features”. 


By John Burton tn Seoul 


South Korea has voiced doqfa 
about North Korea's Oahu 
that ft is removing spent S 
rods from its nuclear natior 
without the supervision of 
international observers, who 
want to test them for rises to 
the North’s suspected writer 
weapons programme. 

The US has warned that 

North Korea's action eonld 


Japanese baseball fans 
turn to drama of soccer 


The samba-dancing goal-scorers of the J-League 
draw young audiences, Emiko Terazono reports 


J apanese office workers are 
no longer alone in facing 
“risutora" or restructur- 
ing. The country’s professional 
baseball teams are also facing 
a corporate-style overhaul. 

Although baseball teams h ad 
been aware of waning public 
support over the past few 
years, not much had been 
done. But the spectacular 
arrival of J-League, the coun- 
try’s professional soccer 
league, has attracted many 
younger fans, and forced the 
baseball establishment to act 
Some teams have become 
more fan-friendly. The Hiro- 
shima Carp have started a 
“ladies' night”, while the Orix 
Bluewave are giving out mel- 
ons to fans. Baseball official* 
have become so worried that 
they recently asked Dentsu. 
the leading advertising and 
marketing agency, for help. 

The main predicament for 
Japanese baseball is the 
younger generation, which has 
a faltering enthusiasm for tra- 
ditional values, as embodied by 
this sport Young Japanese are 
more individualistic, shun 


baseball's Bmplm™ on group 
effort, and are bored by the 
players’ reluctance to show 
emotion on the pitch. 

Instead, they are drawn to 
the aggressive play of the fash- 
ion-conscious soccer stare. The 
tsblapanese physical reaction 
— the hugging, Musing and the 
baring of chests - shown by 
players after scoring goals has 
also Inspired supporters. 

The trend is filtering down 
to school children. Little 
league baseball is facing a 
decline in players, while the 
soccer club memberships are 
rising, thanks to the increase 
in children who aspire to be 
like Kazu, a Brazilian-trained 
goal-getter who dances the 
samba after scoring a goal. 

This fall in support is posing 
a commercial threat for the 
baseball teams. Last month, 
tickets for the season’s opening 
game of the Giants, the most 
popular baseball team, went 
unsold, while J-League tickets 
have been almost impossible to 
buy. 

Soccer players are grabbing 
most of the advertisement con- 


tracts, traditionally won by 
baseball players. The video 
game generation is also put off 
by the long baseball matches, 
which can stretch to over three 
hours. 

“Even a rock concert lasts 
less than two hours,” com- 
plains Mr Eeiya Sasaki, direc- 
tor of Dentsu 's sports business 
division. He blames the long 
and dull matches an the base- 
ball team managers' paternalis- 
tic control of the game. 

Throughout every baseball 
matnb coaches and managers 
on the bench twitch their 
heads and wave their hands, 
signalling and instructing 
every move a player on the 
field makes. 

Mr Sasaki says the rigid con- 
trol of teams and even over the 
players’ lifestyles is stifling 
their abilities and flair . 

To liven up baseball, his 
company has advised the base- 
ball association to encourage a 
younger batch of players, to 
try to produce more stars and 
increase freedom for the play- 
ers inside and outside the base- 
ball stadium. 


Senate leader wants trade sanctions imposed 


Mitchell urges hard lin e 
on China’s human rights 


Senate Democratic leader Mr 
George Mitchell said yesterday 
he favoured punishing China 
with trade sanctions unless it 
Improves its human rights 
record in the next two weeks, 
Renter reports from Washing- 
ton. 

In remarks that could com- 
plicate a decision President 
Bill Clinton must make by 
(June 3, Mr Mitchell said he 
was drafting sanctions because 
he believed China had not yet 
met US conditions for the 
renewal of Most Favoured 
Nation trade status. 

“There has been significant 
progress in some respects, not 
in others.’’ be said on the NBC 
television programme Meet the 
Press. "As of now, I don’t think 
that the terms of the executive 
order have been met. And 
therefore the extension of the 
MFN status should be condi- 
tioned with some sanctions." 

In his executive order last 
June, Mr Clinton said he would 
revoke MFN this year htUpbs 
C hina made "overall, signifi- 
cant progress" on seven 
human rights issues, including 
freeing political prisoners, end- 
ing repression in Tibet and eas- 
ing emigration. 

If Mr Clinton fully carried 
out his threat, China would be 


relegated to the handful of 
nations whose exports to the 
US are ineligible for the low 
tariffs MFN bestows. 

US business groups, among 
others, fear Beijing would 
retaliate in kind, restricting 
access to one of -the world’s 
fastest growing markets for 
American goods. 

Mr Mitchell said Chinese 
human-right policy had gone 
back and forth, and that a deci- 
sion on extending MFN would 
have to be made on "the foil 
record on all seven, issues” 
next month. 

T think it’ll be a very close 
call," he said. 

He added that he had already 
begun drafting a measure to 
punish China for any failure to 
meet the executive order's con- 
ditions. "But it depends upon 
what the decision is at the 
time and what sanc tions are 
Imposed,” he said. 

Senate Republican leader 
Bob Dole, appearing on the 
same programme, urged Mr 
Clinton to eat crow, renew 
MFN and admit he had erred 
in tying It to human rights, 

“My view is that we have to 
continue to look at their 
human rights policies, but we 
ought to separate the two,” he 
said. 


"Hie president just ought to 
say "Listen, maybe I went too 
for, Z made a mistake.' Let’s go 
ahead and extend Most 
Favoured Nation status for 
China and we’ll continue to 
work on human rights’.” 

Being second-guessed on 
China in Congress by his own 
party would be a blow to Mr 
Clinton. During the 1992‘ 
presidential campaign. Mr ' 
Clinton,/;.; criticised 
then-President George Bush for ■' 
unwillingness to make trade 
conditional on progress in the 
human rights field in the 
aftermath of the Tiananmen 
Square crackdown. 

A classified inter-agency 
study of the impact of revoking 
MFN found that it could cost 
each side as much as SlObn to 
Sham (£6.7bn to £S.7bn) if high 
US tariffs went into effect 
across the board. 

A senior administration 
official, who discussed the 
study on condition he not be 
identified by name, said; “We 
are trying like hell to get 
movement (from the Chinese 
on h uman rights) so that fo 
the find we don’t have to do 
this." 

“We assume the cost would 
be extremely high," the official 
added. 


Washington threatened to 
ask the UN Security Council to 
impose sanctions against 
North Korea if it replaced the 
fuel rods without interna- 
tional oversight 

The conditions for the 
IAEA’s supervision and test- 
ing of the fuel rods could be 
the subject of a new round of 
high-level talks between tbe 
US and North Korea. Washing- 
ton has promised these talks if 
the IAEA is permitted foil 
access to a suspected nuclear 
processing plant and other 
foeflties at Yongbyon. 

Instead of demanding tense- 
diate checks of tbe fuel rods, 
tbe IAEA has proposed that 
North Korea store tbe sp®t 
fuel in sealed cantaxaens for 
later inspection. 

• The US Senate’s two high- 
est-ranking lawmakers, 
responding to North Korea's 
latest apparent disregard w 
international nuclear conven- 
tions, yesterday said they 
backed the imposition of eco- 
nomic sanctions on foe Pyong- 
yang government. AP 
from Washington. 

"I believe that we cannot 
tolerate the actions that art 
occurring without any 
response at all," said Senate 
majority leader Mr George 
MitchelL He called econondj 
sanctions “the most pmdan 
and flkely effective response at 
the current time.” 

“We’ve been in this 
cat-and-mouse game 
North Korea now for about tw 
last 15 months," raid S®®*® 
minority leader Mr Bob Dofe 
of the opposition Repubtij®?- 
who appeared with Mr Mitch- 
ell on NBC’s Meet the Press. 

He said he stffi bopdff 
issue of North. Korean 
walling over its report® 
nuclear weapons prog*™ 
could be resolved- “But fg™ 
that, I think sanctions slnffl» 
be imposed." , ■ 

Both Mr Mitchell an® JJ 
Dole ruled out any to®**®: 
pre-emptive military strtte® 
North Korea. But 
economic sanctions du ffle v 
pushed despite North Kb*®* 
threats and even If chilW ; lli-!- 
of North Korea’s few am® 
objected. 



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syr* f 


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national inspections of the 
North's nuclear sites and fore* 
the United Nations Security 
Council to impose economy 

sanctions. 

Bat officials in Seoul believe 
Pyongyang’s notification of 
the fuel rod replacement to the 
International Atomic Energy 
Agency an Friday may be part 
of a Muff to win new cancm- 
sions on inspection proce- 
dures. 

North Korea may he trying 
to force the US to hold a new 
round of high-level taiia 
before allowing the IAEA 
access to the fuel rods. The 
status of the nuclear reactor 
refuelling may be revealed 
later this week, when the 
IAEA is expected to resume an 
inspection of North Korean 
nuclear facilities that were 
Mocked in March. 

North Korea last week 
agreed to accept the inspectors 
after the IAEA promised it 
would not demand ImnwUnfy 
i inspection of the fuel rods 
befog unloaded from foe SMW 
reactor at the Yongbyon 
nuclear complex. 

The IAEA wants to analyse 
the fuel rods to determine 
whether North Korea has pre- 
viously diverted plutonma 
from the reactor to develop 
unclear devices. 

The reactor started opera- 
tion in 1988, bat was shut 
down for three months In 
1989. The IAEA suspects that 
North Korea could have 
unloaded some of the rods dur- 
ing that period and repro- 
cessed the fuel for nuclear 
weapons. 

A dispute over the fad rods 
has blocked progress over 
nuclear inspections in recent 
weeks. The IAEA previously 
-asked to examine the foel rods 
once they were removed fron 
the reactor. 

But North Korea rejected the 
demand and threatened to 
replace the fuel rods without 
IAEA supervision, which 
would violate the interna- 
tional nuclear safeguards 
agreement 

The US has expressed con- 
cern that unsupervised 
replacement of the fund rods 
would allow North Korea to 
divert enough plutonium to 
produce four or five nuclear 
devices in addition to foe two 
it is suspected of already pos- 


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FINANCIAL TIMES MONDAY MA v , 6 I994 


INTERNATIONAL 


Christopher starts shuttle in Damascus 

Hint of flexibility 
in Syria peace talks 


By Mark Ntehofson 
fti Damascus 

Mr Warren Christopher, the US 
.secretary of state, arrived last 
night-in Damascus on a mini- 
shuttle that US officials hope 
can produce discernible prog- 
ress in talks between Israel 
and Syria, amid a rare nfflrfai 
hint of possible flexibility from 
Syria. 

Mr Christopher went 
straight. into talks with Mr 
Hafez al-Assad. the Syrian 
president, and Mr Farouk al- 
Sharaa, his foreign minister, 
and is expected to travel on 
within the next 24 hours to 
Jerusalem. US officials said 
they then , expect Mr Christo- 
pher to return for further talks 
in U flwayns 

The intensity of the shuttle, 
coming Just two weeks after 
Mr Christopher’s last visit to 
Damascus, indicates US deter- 
urination to achieve progress 
on the IsraeK-Syrian front fat 
. lowing the Israeli-Palestuie 
Liberation Or ganisation agree- 
ment earlier this month to 
Implement the first stages of. 
limited Palestinian self-role. 

Mr Christopher’s prompt 
return also suggests Syria 
believes there is something to' 
be discussed, despite the fact 
that Israeli and Syrian negotia- 
tors have not met face-to-face 
since the last round of Wash- 
ington-hosted peace talks in 
September last year. Negotia- 


tions have -Since proceeded pri- 
marily through us mediation* 
both in Mr Christopher’s two 
previous shuttles and in the 
Geneva summit earlier this 
year between President Bill 
Chnton and Mr Assad. 

Mr Christopher will certainly 
seek Syrian commitment to 
accept the longstanding tJS 
invitation to resume bilateral 
talks with Israel in Washing- 
ton. But there are signs his 
- mediation is itself making 
progress. After his last trip on 
the eve of the May 4 US-PLO 
deal, Mr Christopher spoke of 
the lsraeJi-Syrian track having 
entered a new “substantive” 


Mr Christopher wiH also visit 
Jericho, the West Rank town 
newly-handed over by Israel to 
limited Palestinian authority, 
during the shuttle, US officials 
said yesterday. The visit will 
be the first by any Interna- 
tional statesman to the new 
areas of limited Palestinian 
self-rule. 

After Ms last shuttle, Syria 
rejected an Israeli proposal for 
an Israeli withdrawal. from the 
Golan Heights staged over a 
number of years. Syrian offi- 
cials instead repeated Mr 
Assad’s firm demand that a 
peace deal could come only 
after an Israeli w w wwi h wpwt to 
fun and immediate withdrawal 
bum the heights, which it has 
occupied since the 1967 Arab- 
Israeli war. 


However, Tishreen, the state 
newspaper, yesterday signalled 
a possible softening on the 
Question, saying that Syria was 
ready to reach a deal with 
Israel if it concluded “a dear 
commitment for withdrawal 
from the whole of the Golan 
within a reasonable and 
acceptable period of time". 

Diplomats in Damascus said 
that while the question of a 
phased Israeli withdrawal has 
long been privately aired, it 
has seldom been officially 
referred to so directly or posi- 
tively. "It is certainly a sign of 
more flexibility.'’ said one. 
Most observers believe Syria 
would insist on a phased with- 
drawal over months, rather 
than the several years 
suggested by IsraeL 

However, few observers in 
Damascus expect Mr Christo- 
pher’s visit to achieve a public 
breakthrough. For thfg F Israel 
is still requiring Mr Assad to 
spell out in detail what he 
means by a "full peace” with 
Syria, while Mr Assad in turn 
wants Israel to make an 
unequivocal statement of will- 
ingness to return the Golan to 
Syrian sovereignty and with- 
draw from it entirely. 

Moreover, Syria is also deter- 
mined to wrest bilateral con- 
cessions from the US in return 
for dehvering a deal with Israel 
- a matter which will certainly 
feature in Mr Christopher’s 

talks. 


Lebanon impasse resolved 


By Mark Nicholson 
in Damascus 

Mr Rafik Hariri, Lebanon’s 
prime minister, signalled the 
end erf a debilitating week-long 
political impasse over a pro- 
posed cabinet reshuffle by call- 
ing an extraordinary cabinet 
meeting for today. 

His decision ends a week in 
which Mr Hariri "withdrew" 
from his duties as prime minis- 
ter in protest at opposition, 
predominantly from Mr Ellas 


Hrawi, Lebanon’s president, to 
his proposals for enlarging 
fgmgHap frrcfliwncA in the cabi- 
net .• 

It follows a weekend trip by 
Mr Hariri to Syria, Lebanon’s 
powerful neighbour, which 
retains 35,600 troops in the 
co tmliy , daring which he held 
talk* with Mr Hafez al-Assad, 
theSyrian president 

Lebanese officials would not 
say what resolution bad been 
reached to persuade Mr Hariri 
to end his “strike”, but said a 


solution to the crisis would be 
discussed at today's meeting. 
Mr Hrawi and Mr Nabhi.Berri, 
speaker of Lebanon’s parlia- 
ment, had objected to Mr Hari- 
ri's proposal to introduce two 
senior Maranite Chris tians into 
the cabinet and had com- 
plained at his appointment of 
close aides. 

The impasse hurt confidence 
in the Lebanese pound, requir- 
ing the central bank to spend 
an estimated 9200m (£137m) to 
steady the currency. 


Refugee 
plea to 
warring 
sides 


The United Nations High 
Commissioner for Refugees 
yesterday appealed to the war- 
ring sides in Yemen to let an 
urgently needed convoy reach 
a camp where Somali refugees 
have been killed in the civil 
war crossfire, AP reports from 
Geneva* 

The agency has been trying 
since the middle of last week 
to send the tracks with food, 
medicine and other supplies to 
A1 Rond camp, 50km east of 
Aden. 

It said it had been unable to 
confirm number of Somali 
refugees killed since open 
fighting erupted between 
northern and southern forces 
in Yemen on May 4. 

Bnt camp elders had 
reported the death toll at 175, 
with an unknown number 
wounded. 

Previous estimates said 
between 100 and 270 had been 
killed. 

A team representing the 
UNHCR and the International 
Committee of the Red Cross 
reached the camp from Sanaa 
on Saturday and found only 
1,500 refugees left out of a 
population estimated at 6.000. 
The rest have fled to a nearby 
village or Into the surrounding 
countryside. 

Refugees told the team 
that uniformed men had taken 

batteries and generators 
that had been used to pump 
water to the camp and had 
confiscated their food, leaving 
the camp with little or no 
water, food and medical sup- 
plies. 

The team brought in only 
four boxes of ICRC medical 
supplies, and much more was 
needed, the UNHCR said. 

A second team from Aden 
that has been trying to reach 
the camp with the convoy win 
try again today. 

The camp was set up 
to house 10,000 Somali boat 
people who fled the cavil war 
in their own homeland two 
years ago across the Gulf of 
Aden. 

About 4,000 refugees are 
believed to have moved into 
Aden before the fighting 
began. 


Gunshots and 20 checkpoints 
on hazardous road to Aden 

Eric Watkins' epic journey from Sanaa ends in frustration 


S itting in the dark with 
two armed guards at my 
back, I was beginning to 
wonder whether my efforts to 
reach Aden had been worth- 
while. I bad travelled nearly 
600 miles in two days from 
Sanaa, the capital in northern 
Yemen, bluffing my way 
through more than 20 military 
checkpoints, and two sets of 
front lines in the civil war 
between northern and 
southern Yemeni forces. 

Then, with the Gulf of Aden 
in view, I was nabbed by north- 
ern military forces who 
accused me of espionage. In 
the company of a French jour- 
nalist, I had headed south. 
Northern troops, we bad heard, 
were rapidly approaching Aden 
and were soon likely to enter 
the city. 

From the south, however, we 
had heard nothing. Communi- 
cations between north and 
south had been cut and Aden 
Radio was off the air. As we 
wound through back roads to 
avoid the first military check 
point, our guide told os to 
invent a story to get us 
through later checkpoints. 

Our first test came quickly. 
A few miles up the road, an 
armed soldier flagged us down. 
He demanded to know who we 
were. "Oil men,” our guide, 
Mahmoud, said. “They don’t 
speak Arabic." 

The story held up mile after 
mile. But the strain had got to 
Mahmoud who dgrfjne to go on 
with us. Resting in the lobby of 
a hotel in Mareb, north of 
Aden, I was soon joined by offi- 
cials, who had brought along 
AK-47S. 

"Good afternoon,” said one, 

wrtoruHng his hand Tm the 

chief of police here and this is 
the head of the petroleum 
board. Are you the BBC jour- 
nalist?” 

"No, Tm with the Financial 
Times.” I explained that we 
had heard northern broadcasts 

rlnimrng tha t southern Jets had 
bombed the o ilfields at Mareb. 
"Oh no,” lie said, "that has 
never happened. Last week one 
jet buzzed the town and sol- 
diers fired at it But the jet 
dropped no bombs.” 

After producing my press 


pass and a copy of the Yemeni 
press law, and answering "not 
at all" to the question "are you 
doing anything illegal?”, we 
got approving nods. "Well,” the 
police office- said, "just take 
care. There is plenty of trouble 
on the road.” 

He was not wrong. A couple 
of miles along the road, two 


drive to central security head- 
quarters. 

Within minutes, the chief 
told us there had been no bat- 
tle at Ataq. Four northern jets 
had tried to bomb the airport, 
but they had missed. One air- 
craft was shot down. The chief 
agreed to our travel plans and 
gladly provided us with an an 



young tribesmen tried to wave 
us down. Our driver sped on 
past them. Looking back, I saw 
one of a tribesmen raise his 
rifle, aim, and fire. He missed 
us. He shot again and missed. 

Our journey had so far 
revealed few signs erf war, 
apart from the occasional mili- 
tary patrol and the odd tank 
here and there, half -camou- 
flaged In the gulden sands. But 
people along the way assured 
us the desert was full of sol- 
diers and urged us along our 
way 

Located some 300 miles to 
the south-east of Sanaa, Ataq 
is a dreary little town, a mot- 
ley collection of concrete build- 
ings. But it bad an airport and 

had become important over the 
past two years as a transit 
point for the eastern ofl fields. 

Ataq’s strategic importance 
had been underlined by uncon- 
firmed reports of a major battle 
there just days before. Ataq 
was clearly In the hands of 
southern forces. Armed sol- 
diers at the check point enter- 
ing town examined our papers 
thoroughly, climbed into our 
vehicle, and ordered us to 


official pass showing our 
names, professions, and an 
itinerary. 

The next morning, we waited 
an hour on the main road 
before getting a ride. A local 

man W3S raching rn on the W3T 

by charging exorbitant rates to 
taxi people around. We piled 
into the car, followed by half a 
dozen other people. 

Coming round a bend, we 
were stopped by military 
police. Their leader spotted a 
young lad and ordered him out 
of the car. "You’re a soldier 
and belong with us,” he bel- 
lowed, p utting the boy from his 
seat The lad was frightened. 
He was in tears. He was beg- 
ging to be released. The officer 
held on to him and waved us 

through . 

Farther along the com- 
mander of a southern brigade 
said we were free to travel, bnt 
he advised aganist it. "The 
northerners occupy the road 
below,” he said. We pressed on, 
the road now becoming 
clogged with southern tanks 
and heavy trucks coming 
towards us. 

They were, perhaps, in a tac- 


tical retreat, moving in an 
orderly procession to join their 
comrades behind us. We soon 
reached the battlefield, the 
road Uttered with charred and 
abandoned vehicles. A north- 
ern brigade, we were told, had 
defeated the southerners and 
secured the area. 

By early afternoon we had 
progressed well, moving along 
in a series of lifts in handy 
vehicles. Just a few miles more 
and we would be overlooking 
Shaqra, a small town on the 
Gulf of Aden. And there, we 
hoped, we could hire a small 
boat to take us the remaining 
60 miles into Aden. But our 
luck failed. A northern mili- 
tary patrol sped past In the 
opposite direction. 

We thought nothing of it. 
Minutes later it sped back to 
stop us. An officer jumped out 
and came to the side of our 
latest pick-up truck. The 
searches and interrogations 
lasted nearly eight hours. A 
young officer began by going 
through our bags. 

Hours later they were still 
worried about the absence of 
film in our cameras. They 
insisted we had taken photos 
along the way and had handed 
the films to southern forces for 
onward transmission to Aden. 
Two armed guards were told to 
watch us. In the distance, 
flag of fight Intermittently 
illuminated the sky, followed 
by ominous rumblings. 

After accepting that we had 
no offending flimn , in the early 
hours of the morning, they 
drove us hack northward in a 
pick-up truck with six armed 
guards and a heavy machine 
gun. They asked for references 
in Sanaa, and I though of giv- 
ing them the home number of 
the president. General Ati 
Abdullah Saleh. 

But that seemed a bit too 
much. Would the name of the 
president's personal advisor be 
enough? It was. They released 
us around with apologies for 
the inconvenience. There was 
no inconvenience, we said, 
apart from the theft of some of 
our equipment and the failure 
to get to Aden. 




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6 


NEWS: INTERNATIONAL 


FINANCIAL TIMES MONPAY MAY 16 1994 


The fault-lines show in the Grand Old Party 


Jurek Martin looks at the many contenders aspiring to lead the opposition to President Clinton 


P resident Bill Clinton's 
assorted problems ought 
to be good news for the 
Republican party. In the 
medium-term, marked by this 
November’s mid-term elec- 
tions, this may prove to be the 
case. Regaining control of the 
Senate for the Gist time in 10 
years is not out of the ques- 
tion. 

But many of the old fault- 
lines in the Grand Old Party so 
apparent in 1992 remain, to the 
point that it can be far from 
confident about recapturing 
the White House in 1996 - 
unless the incumbent hands 
victory to them on a plate. 

This much was evident in 
the content and reception of 
former vice president Dan 
Quayle' s new booh. Standing 
Firm. The volume was 
intended to re-launch Mr 
Quayle on the national politi- 
cal scene as a potential Repub- 
lican m y rnfagg in 1996. Unlikely 
though it may seem, given the 
low esteem in which Mr 
Quayle was generally held, it 
has certainly served that 
immediate purpose, even if the 
boost proves ephemeral. 

As Mr David Broder’s col- 
umn {Hit it in the Washington 
Post “He is running for presi- 
dent. with the Christian con- 
servatives, against the press - 
and without the insignia of the 
Bush administration.” 


Certainly, Mr Quayle used 
his book to settle old scores 
with some past colleagues and 
future rivals, among than Mr 
James Baker, the forms* secre- 
tary of state (only concerned 
about liimy if and less influen- 
tial than Mr Brent Scowcroft, 
national security adviser); Mr 
jack Kemp, ex-housing secre- 
tary (prone to run off at tan- 
gents" with “no discernible 
point"); and Mr Bob Dole, stffl 
minority leader (a closet big 
spender and rude to boot). 

All three are proto- 
candidates - surprisingly for 
Mr Baker, who has never liked 
running for office on his own 
account They are often on the 
rubber chicken circuit in New 
Hampshire and Iowa, the 
states which hold the first 
votes zn 1996. 

So are Mr Dick Cheney, for- 
mer defence secretary, Mr 
Lamar Alexander, former Ten- 
nessee governor. Governor 
Caroll Campbell of South Caro- 
lina, Senate* Phil Gramm of 
Texas. Governor Bill Weld of 
Massachusetts, Mr Bill Ben- 
nett, one-time education secre- 
tary and anti-narcotics czar, 
and a few others besides. This 
is not counting the talk show 
right, such as Mr Pat Buch- 
anan and Mr Rush Umbaugh, 
who now register in GOP polls. 

The nominal leader of the 
pack is Mr Dole, whose posi- 



tion gives him visibility. But party putting him up as any- 
he will be 73 in 1996 and , even thing other than a sacrificial 
if he does not look or act his lamb. He also deeply offended 
age. It is hard to imaging the the right in a funeral oration 


commending the late President 
Richard Nixon’s social policy 
activism. Mr Cheney generally 
ranks second in the polls. 

The party's biggest fault-line 
divides the Christian- 
influenced right, which part- 
shanghaied the 1992 Houston 
convention with its proclama- 
tion of conse rvative family val- 
ues, from the broadly estab- 
lishment middle, mostly old 
Bushmen. 

They will fight some bitter 
Republican primary battles 
t his year - for example, in Vir- 
ginia, where Oliver North is 
n Tuning for the Senate, Calif- 
ornia, where Governor Pete 
Wilson is seeking re-election, 
and Minnesota, in both the 
gubernatorial and senate races. 

The party also has sub- 
divisions. The libertarian 
strain is articulately repre- 
sented by Governor Weld and, 
to a degree, Sir Kemp and Mr 
B ennet t, whose own recent 
book on values gives him rea- 
sonable Haim to be the new 
GOP philosopher king. 

But this wing finds itself tut- 
ted a gains t the religions right 
on such Issues as abortion and 
homosexuality, which libertari- 
ans feel should not be pro- 
scribed by law. On foreign pol- 
icy, it finds itself at odds with 
the establishment middle, 
which has no truck with isola- 
tionism. 


Activists such as Mr Rich 
Tafel, who used to work far 
Governor Weld and now runs 
Log Cabin Republicans, the 
homosexual pressure group, 
claim to have made much 
ground since the divisiveness 
of the Houston convention. But 
any half hour spent tuned in to 
the Rev Pat Robertson's Chris- 
tian broadcasting network 
demonstrates the depth of 
opposition to a party platform 
tilted towards tolerance. 

T he problem for interna- 
tionalists like Messrs 
Cheney and Baker is 
that they represent an 

approach explicitly rejected in 
the 1992 election. The Republi- 
can party was instrumental in 
getting the North American 
Free Trade Agreement passed 
last year. But since then party 
attitudes, not far out of step 
with the rest of the nation and 
egged on by talk show hosts, 
have tamed more inwards. 

Evidence of this can be 
found in the recent behaviour 
of two party bellwethers. Con- 
gressman Newt Gingrich, cer- 
tain to be the next House 
Republican leader, supported 
Nafta but wifi, fight ratification 
of the Uruguay Round because 
of a perceived threat to US sov- 
ereignty that did not trouble 
him over h emis pheric trade. 
Mr Dole got the Senate last 


week to vote in favour of a 
unilateral lifting of the Bos- 
nian arms embargo. 

The healthcare debate is 
equally divisive. Having 
declared early in the year that 
there was no health “crisis,” 
Republicans have been all over 
the lot since, united only in 
resistance to the detailed Clin- 
ton reform plan. The fear, 
sometimes acknowledged by 
Mr Dole and occasionally 
exploited by Mr Clinton, is of 
be ing blamed for blocking any 
Mil , although the hard right 
would not mind this at all 

Mr Kevin Phillips, forma: 
Republican strategist who pub- 
lishes the American Political 
Report newsletter, sees danger- 
ous historical parallels, with 
risk of “incipient fratricide”. 

He writes: “Keep In mind 
that when parties that have 
held the White House for two 
terms or more lose it, their 
next nomination race is often 
wide open, bloody and unprod- 
uctive - the Democrats in 1924, 
the Republicans in 1936, the 
GOP in 1964 and the Democrats 
in 1972. That Is the sort of situ- 
ation the GOP seems headed 
towards. . . too many contend- 
ers with no obvious strong 
choice.” 

Unless, of course, one 
of than catches fire -or the 
economy or Mr Clinton self- 
destructs. 


International Whaling Commission meeting 

World’s whales worth 
more alive than dead 


By Bronwen Maddox, 
Environment Correspondent 

Whales are worth more alive 
than dead, UK an d US officials 
will argue when they meet in 
Mexico tomorrow ahead of the 
annual meeting of the Interna- 
tional Whaling Co mmissio n. 

Potential revenues from 
whale watching - an increas- 
ingly popular form of tourism 

- could soon reach several 
hundred million pounds world- 
wide, officials are likely to 

claim 

The issue is likely to be one 
of the flashpoints at this year’s 
meeting, whose formal ses- 
sions begin next week. 

The break-up of the IWC - 
which regulates the catching of 
the 12 species of “great whale" 

- is possible if growing dis- 
putes between whaling and 
non-whaling countries are not 
resolved, environmentalists 
have warned. 

Iceland has already left the 
IWC in protest at the body's 
moratorium on commercial 
whaling, introduced in 1986. 
Last year Norway declared 
that it was not bound by the 
moratorium, while Japan con- 


tinues to press for the ban to 
be lifted- 

Co untries with strong ani- 
mal rights traditions, such as 
the UK and US, have begun 
exploring whether potential 
revenues from whale watching 
win prove a powerful enough 
argument to block the resump- 
tion of commercial whaling. 

Controversy at this year’s 
meeting will • also focus 
on: 

• Proposals for a whale sane - 
tuary around Antarctica. 

• Japan’s demand for a quota 
of 60 whales to be caught in its 
coastal waters this year. 

• The reliability of the 
“revised management proce- 
dure", the IWC’s complex 
model of how many whales 
could he caught without dam- 
aging stocks. 

Proposals for the southern 
sanctuary are officially spon- 
sored by the UK. the US, 
France and Australia, but 
agreement may be elusive 
given fierce opposition from 
Japan and from some non- 
whaling Caribbean countries 
which have sided with 
Japan on past contentious 
issues. 


The Japanese request for a 
50-whale quota - in addition to 
its plans to catch around 300 
whales for scientific research - 
will also attract opposition. 
Souk countries argue that the 
quota, intended to help coastal 
villages, does not qualify as 
aboriginal w haling , which is 
permitted by the IWC. 

However, the fiercest rows 
are likely to centre on the sci- 
entific model for “sustainable 
whaling.” 

Norway argues that the 
model, which has had years of 
development, would never 
allow so many whales to be 
caught that stocks would be 
jeopardised. However, the UK 
is pressing for more research, 
in the light of new evidence 
that the former Soviet Union 
seriously under-reported the 
number of whales it caught in 
the 1960s and 1970s. 

Some non-whaling countries 
have in di c a te d that even if the 
IWC approves the model they 
may not back commercial har- 
vesting of whales. Methods for 
“humane" killing and for veri- 
fying the numbers caught still 
remain to be settled, they 
argue. 


Gun crime rises sharply in US 


Violent crimes committed with handguns 
set a record in the US in 1992, soaring 
almost 50 per cent from the annual 
average during the previous five years. 
Renter reports from Washington. 

The Justice Department said yesterday 
that had hpw\ used in 931,000 

murders, rapes, robberies and assaults in 
1992. 

This was up from an annual average of 
667.000 from 1967 to 199L 

Handgun crimes accounted for an 
increased percentage - now about 12 per 
cent - of all violent crimes, it said. 

The figures - from the department's 
Bureau of Justice Statistics - were 

released as the fflmtnn administration and 
Congress are considering new ways to 
restrict guns to cut down on rampant 
inner-city violence. 

President Bill Clinton has already 


signed into law the Recalled Brady Bill 
requiring a five-day waiting period for the 
purchase of handguns. 

He has also vigorously supported 
legislation h arming a number of assault 
weapons. 

Ms Janet Reno, the attorney-general, has 
advocated gun licensing and is (rnisiiiwiwg 
whether to propose such a system 
nationwida 

The department’s report said the 
number of murders with a handgun 
totalled 13^00 in 1992, a 24 per cent jump 
from the five-year average. 

The murder numbers were based on FBI 
crime statistics. The other statistics, from 
a nationwide crime victims’ survey, also 
showed dramatic increases for robberies 
and assaults involving a handg un. 

The only crime category to show a 
decrease was rape, with handguns used in 


11,800 cases in 1992, down from the 
previous annual average of 14400. 

The report also found that 

• Males were twice as likely as females to 
be victims of handgun crimes, and hiacfc$ 
three times as likely as whites. 

• Young, black males were most 
vulnerable to handgun crimes. Among 
males 16-to-19 years old, the most 
victimised age group, the crime rate for 
blacks was four times higher than for 
whites. 

• Far rapes, burglaries and assaults, the 
offenders fired their weapons in 17 per 
emit of the crimes and missal the victim 
four out of five times. 

• Only 1 per cent of the violent crime 
victims used a firearm in an effort to 
defend themselves. Of those who used a 
weapon, one out of five suffered an injury 
in the incident. 


Bentsen gives assurance on dollar 

sen said: “It seems we have 


Mr Lloyd Bentsen, US treasury 
secretary, said yesterday the 
feeling that Washington was 
content to see the dollar drop 
in value was a “misrepresenta- 
tion," Reuter reports from New 
York. 

“There was a misinterpreta- 
tion that we wanted to see the 
dollar go down,” Mr Bentsen 
told CBS television. He said 
the Clinton administration 
“saw no value in undervaluing 
the dollar”. 

While Mr Bentsen did not 


say outright that the adminis- 
tration opposed an increase in 
interest rates by the Federal 
Reserve, he said it should be 
determined “by the market 
and underlying econ om ic fac- 
tors”. 

He said that he felt 
short-term interest rates 
would be up one-half point fay 
the end of the year to 4 pm* 
cent. 

Referring to the Federal 
Reserve’s two recent quarter- 
point rate increases, Mr Bent- 


reached a point where no good 
[economic] numbers go unpun- 
ished.” 

On Friday, Mr Bentsen said 
he shared the Federal Reserve 
Board’s goal of promoting low- 
inflationary economic growth. 

“Let me just say that Alan 
Greenspan [chairman of the 
Federal Reserve] and I share 
the goal of steady, well 
grounded, low inflationary 
growth,” Mr Bentsen told the 
Business Council, a meeting 


of top business exe cutive s. 

“I think that’s what we have 
and the Fed is just being cau- 
tions to certain it stays 
that way,” he added. 

Financial markets have been 
on edge anticipating more 
interest rate rises by the US 
central bank. 

Mr Bentsen acknowledged 
that long-term interest rates 
have moved up in the past few 
months. “But it’s worth noting 
that what’s behind rates is 
growth,” he said. 


Mexican 

attorney 

general 

resigns 

ByTadBardacka 

In Mexico City 


Mr Diego Valades, Mexico’s 
attorney general, resigned 
abruptly at the weekend, the 
second Justice minister to quit 
in the past four months. The 
resignation, announced with- 
out any official er pi»watj n n 
adds to the tormefl surround- 
ing the administration of secu- 
rity and justice as the country 
prepares for presidential elec- 
tions in August 
Mr Valades had coma under 

fire in the past weeks over tfae 

arrest of the Baja California 
deputy state attorney general, 
Mr Sergio Ortiz, on charges of 
coUaborating with drug traf- 
fickers. Mr Ortiz is a member 
of the conservative Na tional 
Action party (PAN), which 
interp rete d the action, as well 
as Mr Valades’ refusal to Inves- 
tigate allegations of corruption 
they levelled against Mr Carlos 
"Hank* Gonzalez, the powerful 
agriculture minister, to be a 
declaration of political war. 

The administration of Presi- 
dent Carlos Salinas andhiarut 
ing Institutional Revolutionary 
party (PR1) can ill afford a 
fight with PAN, which has gen- 
erally been a gove rn ment ally. 
Mr Valades may have been 
forced to resign in order to pla- 
cate the opposition party. 

A dimate of insecurity, high- 
lighted by tile flu mHatf n HH fl n Qf 
the PRTs presidential candi- 
date, Mr Luis Donaldo Colosio, 
and a aeries of kidnappings of 
Mexican businessman, also 
helped to damage Mr Valades’ 
public image. 

Mr Valades, according to 
aides, had his own problems 
with a lack of respect given to 

him and his post hy Mr RaHrmo 

The investigation of the 
Colosio assassination has been 
placed under a special prosecu- 
te, while a new National Pub- 
lic Security Commission, 
which is run directly from the 
president’s office and to which 
Mr Valades had to answer, was 
formed less than a month ago. 

The appointment of li tfle- 
known Mr Humberto Benitez 
to replace Mr Valades in the 
attorney general’s office is a 
sign that most serious law and 
order issues, including the 
election, will dealt with by the 
presidency. 

In Mexican political rirrfat 
the circumstances surrounding 
the resignation, which are 
unlikely to go away with a sim- 
ple change in chief personnel, 
were lamente d more than the 
resignation itself, (hie newspa- 
per, La Jornada, entitled its 
editorial “The Fraying of the 
Attorney General”. Little hy 
little, the editorial said, “the 
attorney general’s function is 
wasted under a justice system 
overwhelmed by demand and a 
climate cf corruption that per- 
meates nearly all levels of the 
ministry.” 



INliiRNATIONALj^ 1 

^ l -pp* CTjpJur < I^p I" I 

A death to prompt French regrets 


BRITISH POLITICS 


By our correspondents 


! It is very rare for the death of 
a politician to be commemo- 
rated in an editorial on the 
! prestigious front page of Le 
Monde , the bastion of the 
French political press: all the 
rarer if the deceased was for- 
eign, not French, and in oppo- 
sition. 

Yet Le Mantle's leader writ- 
ers decided that John Smith 
merited such a tribute and 
summed up their conclusions 
about the consequences of his 
sudden Haath in the headline - 
“British Disarray". 

Mr Smith himself was 
described in a separate story in 
the flowery style characteristic 
of French journalism as “a 
devout presbyterian and opera 
lover. . . his sober appearance 
and heavy physique, hiding- a 
surprising intellectual agility”. 

Le Figaro, the conservative 
daily, devoted nearly a page to 
“John Smith: Convincing and 
Competent”. It also alluded to 
the more raffish side of the for 
mer Labour leader by noting: 
approvingly, that it was he 
who had ordered a bottle of 
champagne on the night before 
he died at the end of a meeting 
on the European elections with 
Mr Michel Rocard, the French 
socialist leader. 

Liberation, the left-liberal 
daily, also made reference to 
the champagne interlude. It 
quoted a Rocard aide as 
describing Mr Smith as haring 
been "on good form, relaxed, 
cheerful, hut also alert" on 
that- ni ght 

Mr Rocard himself was gen- 
erous in his praise when 
reflecting upon Mr Smith in a 
French radio interview. "It was 
John Smith who convinced me 



that there could be a Europe 
with Britain,” he said. 

The Japanese 
media generally 
reported the 
death of Mr 
Smith as a sig- 
nificant blow 
not only to the 
Labour party 
but to UK poli- 
tics as a whole. 
The TV Tokyo 
network said 
the loss of Mr 
Smith, whose 
personal popu- 
larity was seen 
as a significant 
factor behind 
Labour’s recent 
favourable rat- 
ings, has left 
the party in a 
difficult posi- 
tion. Mainichi 
Shimbun . a 

national daily - 
whose headline Tarty Leader 
Smith Dies Suddenly” is 
printed above - foreshadowed 
the battle within the Labour 
party to succeed Mr Smith: 
“The death of Mr Smith is 
likely to have an effect not 
only on the Labour party but 
on British politics as a whole. 

“The Conservative party 
chose Mr John Major as leader, 
after it was led by a very 
strong leader, Mrs Margaret 
Thatcher, and is always strug- 
gling with the problem of inter- 
nal dissension. Similarly, it is 
questionable whether the 
Labour party will find a leader 
as strong as Mr Smith and it is 
possible that both the Conser- 
vatives and Labour will enter a 
leaderless period.” 

The UK Press Association 
headline, "John Smith’s death 
stuns the world", may have 
been understandable, but it 


was also hyperbolic, at least as 
far as the US media was con- 
cerned. The main TV network 
Thursday evening news pro- 
grammes all recorded Mr 
Smith's death, bnt relatively 
briefly and in the second half 
of their 30-minute broadcasts. 

The leading newspapers 
treated the story respectably. 
Both The New York Times and 
the Washington Post did not 
start their coverage on their 


front pages beyond putting lit- 
tle braes there drawing atten- 
tion to stories in their foreign 
news sections. 

The Times ran two items 
from its London bureau - a 
straightforward news story on 
the details of Mr Smith’s death 
and reactions to it, plus a more 
analytical piece on the political 
consequences for the Labour 
and Conservative parties. 
The Post combined both 



elements in a single piece; 

In general, the remit twists 
and turns of UK politics are 
not followed minutely in the 
US media, perhaps understand- 
ably so. This stands in sharp 
contrast to the UK press's fas- 
cination with every minute 
and salacious detail of Presi- 
dent Clinton’s private life- 

Not one of the 46 n ation al 
and regional newspapers in 
Germany spared any editorial 
space for toe former leader of 
the Labour party on toe day 
after his death, focusing 
instead on an uneventful 
two-day visit by President 
Boris Yeltsin, the affairs of the 
new Italian government and 

interest rates. 

The only UK event to stir 
interest on Friday was a few 
imps m "mad cow” beef in the 
Scfmdbische Zeitung . Most 

papers merely recorded 
Smiths death, sometimes an 
Insidft pages. 

“The best prime minister 
Labour never had,” was how 
the Frankfurter AUgemme 2d- 

twig put it, drawing the perm* 
lei with Hugh Gaitskril's sud- 
den death in 1963. “Whfle te 
may not have been a bri® 8 ™ 
speaker, the Scottish 
radiated author- 

ity which one often misses in 

his opponent John W* 1 -" . _ 

The left-leaning Ftanhfttrt sr 
Rundschau made most of 
Smit h had added cofonr to the 
party: “He infiised the 
with his own quiet -satfo®^ 
dmeft- . his humo ur, bis advo- 
cate’s intellect and stntf 
morality presented 
with an attractive advertise* 
ment for the 90s." 

Compiled by Alice BawdW? 
in Paris, Malaga 
Tokyo, Jurek Martin * W®” 
ingtm and Afictae/ Undertow 
in Barm. 






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FINANCIAL TIMES MONDAY MAY ]fi loot 


NEWS: UK 


By Robert Rfa*. 

Legal Correspondent 

Senior officials at the Office of fair 
Trading, the competition watchdog, 
are increasingly concerned that Mr 
Michael HeselBne's Department of 
Tirade and Industry is gfrfbmfpg 
stance on competition policy. 

The mounting frustration among 
senior competition policy officials Is 
reflected at Westminster, where influ- 
ential backben c hers are setting up a 
lobby group called The Competitive 
Forum to press for a tougher con- 


softening 


Sumer-oriented competition policy. 

_ The advocates of a tough compete 
ft® Policy believe the DTI and the 
Monopolies and Mergers Commission 
have relaxed policy to help create 
strong UK champions capable of com- 
peting in global markets, a policy 
“heated by Mr Hesdtme. the trade 
and industry secretary. 

The approach has been taken up by 
Mr Graeme Odgers, the MMC chair- 
man, according to the critics. They 
argue the MMC is operating a compe- 
tition policy tailored to the needs of 
business rather than the consumer. 


Further evidence of the lower prior- 
ity the DTI is giving to competition 
policy is the sharp reduction in the 
number of cases referred to the MMC, 
according to consumer groups and 
competition lawyers. Of the 112 merg- 
ers examined by the OFT since May 
last year, only three were referred to 
the MMC by Mr Heseltine. 

He was expected to underline the 
policy shift in his competitiveness 
white paper this morning , it has been 
postponed until next week, in a mark 
of respect for Labour leader John 
Smith, who died last Thursday. 


Concerns that the MMC had gone 
soft on abuses of market power, 
which surfaced following the 1992 
report an the supply of new cars have 
been re kin dl ed by recent reports on 
Fine Fragrances and Ice Cream, 
which have left existing market posi- 
tions intact 

Competition officials' fears that the 
MMC Is increasingly putting the inter- 
ests of industry ahead of those of the 
consumer, are likely to be reinforced 
next month when the MMCs report 
on the price of compact discs is expec- 
ted to clear the record industry 


of allegations of price-fixing. 

Mr Stephen Locke, Consumers' 
Association director of policy says the 
MMC's recent reports mean 'the UK 
is regarded as a soft touch when it 
comes to abuses of market power and 
anti-competitive agreements." 

Mr Odgers, the industrialist who 
took over as chairman of the MMC a 
year ago, rejects the accusation that 
the MMC has gone soft on competi- 
tion. But he does admit to being 
“four-square" with Mr Heseltine's 
views on privatisation, competitive- 
ness and deregulation. 


£lbn boom time for the counterfeit cowboys 

I . » 


C 


ounterfeUed goods have 
“epidemic" lev- 
1 els in the UK, according 
to .the Institute of Trading 
Standards Administration, 
which. has launched a jioHmai 

data and intelligence service 
on counterfeiting crimes in an 
effort to curb pirated goods 
that could be costing Britain 
up to £lbn a year. 

British counterfeiters are 
mass producing designer- lab el 
clothing, audio and video 
tapes, perfUme, watches, com- 
puter software, leisure goods, 
toys, furniture, pottery and 
antiques. 

With, the trade marks bill 
entering its committee stage in 
the House of Commons tomor- 
row, companies and trading 
standards officers claim that 


Jenny Luesby looks at the problem of consumer piracy facing Britain 


the illegal copying of goods is 
set to continue as an 
uncheck e d boom industry dom- 
tnated by organised crime. 

Ten years ago the UE was a 
net importer of counterfeit 
products, with the goods seized 
in Britain nearly always manu- 
factured elsewhere. Today 
industry estimates suggest 
that counterfeiting is costing 
Britain £Lbn a year - through 
a combination of sales lost to 
legitimate producers and retail- 
ers - about 100,000 lost jobs 
and Inst tax revenues. . 

The record industry alone, 
for example, says that a quar- 
ter of all tapes sold are illegal 
copies. 


A raid last month on a min 
in Preston, Lancashire, found 
children as young as 11 pack- 
ing suspected fake Giorgio 
Armani and Paul Smith jeans. 
A week's production was 
seized, with a street value of 
£500,000. It was' estimated that 
the haul would have cost Just 
£8,000 to produce. 

Syndicates in both Manches- 
ter and London have also 
moved into the mass-produc- 
tion of counterfeited goods. 
With the recession having pro- 
vided a pool of workers willing 
to take the risk of selling 
pirated goods, they also have 
access to ample street-trading 
networks. 


Meanwhile, Britain's trade 
description, copyright, trade 
marie and theft laws - which 
make producing and selling 
copy-cat goods a criminal 
offence - are being enforced by 
1,500 local authority trading 
standards departments which 
say they are over-stretched and 
have to cover a far wider remit 
than counterfeiting alone. 

The Institute of Trading 
Standards Administration 
recently reported that three- 
quarters of 98 trading stan- 
dards departments surveyed 
spent less than 10 per cent of 
their time on anti-counterfeit- 
ing work, with many spending 
2 per cent or less. 


When counterfeiters are 
taken to court, penalties are 
mmhnni with prison sentences 
rarely passed down and fines 
usually lower than the value of 
the goods seized. 

Also, last year the Court of 
Appeal ruled that street trad- 
ers who identified their goods 
as takes were not in breach of 
the Trade Descriptions Act 
This brought a rash of dis- 
claimers on copied audio and 
video tapes, which left the con- 
sumer wiser, but music and 

film c rampanieK leas protected. 

The trade marks bin is set to 
close the loophole on disclaim- 
ers, Tyiflfr p prifrir f aiiiHni ' obliga- 
tory on local authorities, and 


increase penalties - moves 
which the government 
could save British companies 
£60m in the first year and an 
annu al cy>>n jn later years. 

However, the resources 
available to enforce the new 
legislation remain the same. 

The ITSA’s national data and 
intelligence service hopes to 
identify counterfeiting rings 
and establish links with enfor- 
cers in continental Europe 
through Interpol to try to track 
down cross-border trade. 

However, trading standards 
depar ting ! is are under review 
as part of the local government 
review, and could be reorgan- 
ised into smaller units, which, 
they olaiwi , will TP a ke nflHnnfll 
co-ordination and specialisa- 
tion even harder. 


Front-runner 
Blair urged 
to strike deal 


By Philip Stephens, 

Political Edtor 

Mr Tony Blair, the 
front-runner in the Labour 
leadership contest, was urged 
by supporters last night to 
strengthen decisively his can- 
didacy by striking a deal with 
one of his leading rivals on the 
left of the party. 

The suggestion came as Mr 
Blair, the shadow home secre- 
tary, and Mr Gordon Brown, 
the shadow chancellor, faced 
calls from friends among 
Labour's so-called modernisers 
to settle quickly their cl aim s 
for the party leadership. 

A clutch of weekend opinion 
polls confirmed Mr Blair's 
advantage over other contend- 
ere fin: the succession to Mr 
John Smith. But Mr John Pres- 
cott and Mr Robin Cook kept 
open the option of standing as 
“traditionalist" candidates 

Amid intense manouever- 
ings, the eventual outcome of 
the leadership election 
remained clouded by left-right 
differences and personal rival- 
ries and ambitions. 

Despite agreement by all the 
potential candidates not to 
campaign until after Mr 


Smith's funeral on Friday, 
shadow cabinet members said 
informal soundings over the 
next few days would be critical 
in shaping the contest 

The behind-the-scenes bar- 
gaining has been complicated 
by the feet that many trades 
union leaders are reluctant to 
publicly endorse any particular 
candidate. The introduction of 
one-member-one-vote ballots 
will greatly reduce the influ- 
ence of union executives. 

The suggestion that Mr Blair 
might reach an agreement 
with with one of the tradition- 
alist candidates ca me as his 

supporters admitted that the 
he needed to broaden the basis 
of his support in the party. Mr 
Prescott, shadow employment 
secretary, and Mr Cook, 
shadow trade secretary, have 
made it clear they would find 
it much easier to work with Mr 
Blair as leader than Mr Brown. 

Mr Blair's candidacy was 
boosted by a string of weekend 
opinion polls suggesting that 
his leadership would have the 
broadest electoral appeal in the 
country. The polls, also indi- 
cated that Mr Blair bad a sig- 
nificant. if narrower, lead 
among Labour party members. 


Ex-SIB officer 
criticises Bank 


on Crest system 


national Banking and Finan- 
cial Law. was withdrawn at the 


By Norma Cohan, 

Investments Correspondent 

The Bank of England's 
handling of the Crest share set- 
tlement system has been 
sharply criticised by a former 
executive of the Securities and 
Investments Board, the City’s 
chief regulatory watchdog, in 
an article published late last 
week In a prestigious legal 
journal. 

The article argues that pap- 
erless share settlement, due to 
be tofti&atidh by 1996 dr 1997,- 
could have been achieved more 
cheaply and quickly by aug- 
menting the Stock Exchange's 
existing Talisman and Institu- 
tional Net Settlements 
systems. It argues that Crest is 
unnecessarily complex and 
that It creates additional risks 
that do not currently exist in 
share settlement 

The approach outlined would 
have left the Stock Exchange 
broadly in control of share set- 
tlement and left no visible role 
for the Bank of England. 

It is understood that the 
article, originally submitted 
last autumn fin: publication in 
B u ttarwnrths Journal of Intar- 


request of the Bank of England 
which wanted it delayed at 
least nmtfl after an important 
Crest task force report was 
published in February. The 
author of tire article, Ms Kath- 
leen Tysan-Qoah, who was an 
assistant director in SIB’S capi- 
tal markets division, resigned 
from the SIB in Mardh. 

The SIB has declined to com- 
ment on the article specifi- 
cally. However, it said: "We 
believe the ~Crest project is 
progressing successfully but 
we don’t wish to make any fur- 
ther comment because we have 
a formal recognition role under 
the Financial Services Act” 

.In the City, the Bank has 
generally won praise for its 
hawdHng of Crest, particularly 
far its willingness to consult 
widely. The, article, which 
makes dear that its views are 
those of the author personally, 
is the first public criticism of 
the Bank’s efforts. 

The Bank began setting up 
Crest immediately after the 
collapse . of the Stock 
Exchange's own Taurus project 
for paperless share trading. 


Britain in brief 

&SS 14 W% 



Baaswsv 


Rover set 
for Sunday 
working 

Rover Group Is to introduce 
Sunday working at its 
Langtytdge plant near 

Bh mlnglmm from next 

weekend In order to raise 
o u tp ut of its 200/400 
lower-medium sized car range. 

The' six-hour shift, to be 
worked by existing employees 
on overtime, is intended to 
raise production by 5% pea- 
cent, to 4,750 cars a week. 

Rover, now owned by 
German executive car maker 
BMW, said at the weekend 
that the increased production 
is to meet Uglier demand In 
both the UK and several large 
Continental markets. 

The Sunday working 
progr amm e will continue until 
the beginning of August, when 
tiie situation will be 


demand. 

Rove: was the only car 
maker to increase sales in 
Western Europe’s slumping ’ 
car market last year. In the 
first quarter of this year 200/ 
400 sales rose by 15 per cent 
in the UK. to 2SL302, and 
Continental sales by a similar 

percentage, to 35474. 


Move likely on 
Tookalikes’ 

The Department of Trade and 
Industry win today announce 
the results of consultation 
examining how the 
government should deed with 
the problem of supermarket 
“Tobkalike" products. 


Mr Patrick McLoughn, the 
minister responsible for 

technology, has been asking 
brand manufacturers if they 
believe protection for brand 
names against lookahkes 
should be offered in 
nmmiinpit!! to the trade 
marks bin or whether new 
legislation an fair trading . 
would be more appropriate. 

The British Producers and 
Brand Owners Group, whose 
members include Coca-Cola, 
Colgate Palmolive, Gillette, 
Mare, NestW and Procter & 
fSambla, has persuaded Mr, 
Hugh Bayley, Labour MP for 
York, to put down an 
a nw-ndment to the hill which 
would offer brand names extra 
protection againsblookaltkes. 

Direct Line 
credit card plan 

Direct Line, the telephone 
insurance company owned 
by Royal Bank of Scotland, 
is considering launching a 
credit card as part of its 
attempt to step up sales of 
other financial services 
products to its customers. 

The move could lead to 
stifler competition among 
credit card issuers because 
of Direct Line’s abffity to use 
Its customer database to target 

lower risk card users. 

Car manufacturers including 
General Motors and Ford have 
also issued credit cards which 
offer users savings on the 
purchase of new cars. But 
although these cards have 
been successful, large banks 
stifi dominate the market 

Direct line is to launch a 


mortgages in file summer and 


protection type fife assurance 
products next year following 
the expected authorisation 
of its life assurance 
subsidiary. 

Direct Line already tom more 
than L5m customers for its 
motor insurance policies, a 
market share of about 8 per 
cent 



The sun also rises. All he ever dreamed of growing up in 
Detroit was managing his own machine shop. Then one day he 
came to The Valley. And he had a vision. He saw a future where 
the network, not the PC, would be king. The workstation its 
mighty servant. With iron discipline (and a bag full of hockey sticks) 
he set out to build a new empire. Today Sun Microsystems is a 
multibillion-dollar giant in Silicon Valley. And just minutes from 
the local ice rink. Scott McNealy is just one of over 857,000 
top American executives who read Forbes. 

Forbes 

CAPITALIST TOOL 


i 


» 


I 


FINANCIAL TIMES MONDAY MAY 16 1994 


BUSINESS TRAVEL 


Delays at UK airports are being reduced, writes Jenny Luesby I t a t 

T"X If* , !• . VV 


A irport delays are to 
business travellers 
what traffic jams are 
to city drivers: infuri- 
ating, unpredictable, but inevi- 
table. 

No more, says Britain’s 
National Air Traffic Service, 
the body responsible for organ- 
ising UK air traffic control 
With an announcement due 
from the government on 
whether the service will be pri- 
vatised, NATS has become 
aggressively consumer-ori- 
ented. It is reorganising flight 
paths, introducing more flexi- 
ble take-off and landing proce- 
dures, and upgrading technol- 
ogy - all in a concerted effort 
to eliminate hold-ups. 

In a programme that began 
in early 1993, NATS has cut 
average delays on scheduled 
flights from Heathrow to nine 
minutes year, from 20 min- 
utes in 1989. The average delay 
on morning commuter flights 
from UK domestic airports was 
3.8 minutes last summer, down 
from 20 minutes in the summer 
of 1992. Delays on chartered 
flights have also been reduced. 

The service now looks on its 
past indifference to delays with 
disdain. “There was a problem 
in our attitude before," says Mr 
Derek McLauchlan, NATS 
chief executive, "in that we 
thought we knew what was 
possible and we were satisfied 
with that. But following the 
management reorganisation of 
two years ago, we took a more 
proactive stance, and found 
that many of the problems 
were solvable." 

Many solutions have been 
simple. One problem was the 
early morning influx into Brit- 
ish airspace of some 400 trans- 
atlantic flights, which tended 
to hold up departures from 
Glasgow, Belfast and Manches- 
ter. “We instructed flow man- 


Push for punctuality 


ith its latest ticket 
code-sharing and 




Average delays to scheduled flights (minutes) 
1969 199 

A Heathrow 20 16 

9 Birmingham IS 13 

91 Gatwick 19 

. . . .. !V*>* * 

9 Luton • SB- y 


•n.v23v.^ 


1.5. 


• Stans! 




• Kmangham." 

. * rv'^,4 ' ••• 

9 Gatwtek. 62 4S. . 

® Luton 54 49 

9 - Manchester 55 40 

9 Starrated 60 38 

Average delays to aH services at the six airports (minutes} 
Average delay 27 20 

Some* Che Avtattm Authority 


agers to be more careful about 
transatlantic tracks, so as not 
to block domestic take-offs, 
and delays were cut at a 
stroke," says Mr McLauchlan. 

In addition, a computer linfc 
from Canada is giving London 
Heathrow controllers 4 l A 
hours' notice of transatlantic 
traffic into UK airspace, mak- 
ing it easier to tailor routes. 

Routing clashes caused by 
the limited number of air 
tracks, or flight paths, are also 
being addressed. The Civil Avi- 
ation Authority, of which 
NATS is an agency, is imple- 
menting a £7 50m investment 
programme to increase air- 
space capacity over south-east 
England by 30 per cent from 
1995, and capacity for m route 
flights over England and Wales 
by 40 per cent from 1996. 


However, airspace is only 
part of the problem. With the 
CAA forecasting a doubling of 
air passengers in Europe 
between 1992 and 2005 - 
increasing passenger flights by 
55 per cent - airport infrastruc- 
ture is also a constraint. 

The British Air Transport 
Association, representing UK 
airlines, argues that take-off 
and landing slots are so fully 
booked that a new London run- 
way is essential 

However, NATS has been 
tackling the issue in a different 
way. Last year, it introduced a 
free- flow system between 
Heathrow and Charles de 
Gaulle airport. Paris. Nor- 
mally. airlines must book slot 
times for their departure, their 
air track and their arrival Mis- 
matches cause delays, which 


is. .■’.'..Jet’ 

GopMo; fUJKloft 

put rescheduling pressure on 
the congested take-off and 
landing slot timetables. Under 
the freeflow system, aircraft 
can leave whenever their 
departure slot permits, without 
needing an air track slot 
As a result British Airways 
reported a fall of 94 per cent in 
delays from Paris to London, 
and of 47 per cent from Heath- 
row. Air France said delays 
had been cut by 97 per cent 
from Paris and 98 per cent 
from London. Trials have 
begun on other routes. 

NATS is also investigating 
how Heathrow's two runways 
could be used more efficiently. 

If all goes well with its plans, 
the service's ingenuity will go 
unnoticed this summer - as 
travellers pass through depar- 
ture lounges without delay. 


with Air Canada, British Mid- 
land Airways, the UK’s second 
largest scheduled carrier, is 
pen ding its net of interna- 
tional co-operation agreements 
to compete against its much 
bigger rival British Airways. 

The Air Canada move fol- 
lows a string of other code- 
sharing d”*!* - which enable 
two airlines to use each other's 
ticketing code on each other's 
flights, malting arrangements 
simpler - and commercial 
agreements between British 
Midland and bigger interna- 
tional carriers. These include 
the two biggest US carriers. 
United Airlines and American 
Airlines, as well as Japan Alr- 
I lines and All Nippon Airways. 

British Midland also co-oper- 
ates with Virgin Atlantic and 
is planning a code-sharing 
agreement with Malaysian Air- 
lines later this year. "We are 
also working with South Afri- 
can Airways over possible 
cooperation," says Mr Austin 
Reed, the airline's managing 
director. 

Although British Midland 
has steadily been expanding its 
own international operations, 
Mr Reed emphasises that the 
airline is continuing to concen- 
trate on developing its Euro- 
pean short-haul route network. 
"Any plan to expand into lon- 
ger-haul flights are at this 
stage very much in the future,” 
he adds. 

The growing number of 
international marketing alli- 
ances are part of British Mid- 
land's efforts to offer its pas- 
sengers services comparable 
with those offered by BA. Brit- 
ish Midland’s attraction for its 
international partners is its 
strong position at London's 
Heathrow airport, where it has 
built up the second biggest 
pool of take-off and landing 
slots - 14 per cent - after BA, 
which has about 38 per cent 

British Midland’s strong 
position at Heathrow was one 
of the main reasons behind 
Scandinavian Airlines 


|pfcfasp&; 




Setting 

sights 

high 

Paul Betts on 

the competitive 
strategy of 
British Midland 



Italy Andwwa 

Sir Michael Bishop; vociferous 

Systems' decision to buy a 35 
per cent stake in the UK car- 
rier. SAS Is expected to 
increase its holding to 40 per 
opnf thfc summer. 

In Europe, British Midland 
hg« challenged the big flag car- 
riers by taking advantage of 
the newly liberalised air trans- 
port market and driving down 
business-class air fores on five 
of the busiest routes it serves 
from Heathrow; Paris, Frank- 
furt, Dublin, Brussels and 
Amsterdam. Sir Michael 
Bishop, f-hairmgT^ claims t ft at, 
where his company has taken 
on the big European airlines, 
business air fores have fallen 
by about 40 per cent 

The problem, he says, is that 


95 per cent of European Union 
air routes continue to be oper- 
ated through state-owned air- 
line monopolies or duopolies. 
"Only 26 routes are served by 
more than three carriers. Of 
the 15 busiest cross-border 
routes in Europe, 10 continue 
to be served only by the two 
aWmta q£ the coun- 
tries concerned." 

Real fore competition has 
occurred only on routes served 
by at least three carriers. 
Where just two carriers serve a 
route, their tendency is to offer 
similar frequencies, provide 
similar services and apply 
Identical fare structures. 

Sr Michael Is also a vocifer- 
ous campaigner against state 
aid for airlines, which he 
argues is continuing to help 
prop up bankrupt carriers, dis- 
torting competition in the 
European market "A number 
of smaller airlines are going 
bust, while the bigger compa- 
nies winch are really bust are 
being allowed to carry on 
through artificial supports.” 

British Midland, like other 
UK carriers including BA and 
Air UK, has fulminated against 
French government proposals 
to inject a further FFr20bn into 
Air France. 

It is also angry over the 
French government’s decision 
to by to stop UK airlines flying 
today into Orly, Paris. But 
unlike BA or Air UK British 
Midland has decided not to 
seek an immediate confronta- 
tion with France. Instead, it 
intends to start flying from 
Heathrow into Orly in Septem- 
ber, when it hopes the dust 
will have settled. 

In the longer term, British 
Midland sees another threat 
emerging from the Channel 
tunnel. "We expect it will lead 
to a drop in some short-haul 
air traffic,” Mr Reed says. Brit- j 
ish Midland is thus already 
drawing up plans to serve lon- 
ger-distance European routes 
which would not face direct 
competition from the tunnel to 
maintain the momentum of its 
steady international expansion 
in the European market 





A trip abroad is 
no holiday 

Many staff feel entitled to keep 
perks, says Michael Skapinker 


M y recent article on 
this page asking 
whether business 
travellers should give their fre- 
quent-flyer points and cash 
rebates to their employers (“A 
partiality for perks”, April 25) 
attracted the following riposte 
from a reader in Suffolk. "The 
fact that you have written the 
article at all is evidence of the 
common view of those left 
behind at the office, that leap- 
ing on to an aeroplane means 
that one is going on holiday. 

“The serious business pas- 
senger is the victim of every 
inconvenience afforded by air- 
lines, datelines and civil distur- 
bance. He or she should be the 
beneficiary of any advantage, 
personally." 

The majority of respondents 
held this view. A business trav- 
eller from Volkswagen said: 
“Why should the company pen- 
alise travellers and take away 
their little Innocent pleasure of 
accumulating perks that they 
won't be able to use anyway? 
Remember, when they are on 
vacation they want to stay at 
home, not fly again.” 

A reader from the Nether- 
lands added: “I hope you will 
also leave us with the benefit 
of another perk - the copy of 
the FT we receive on board." 

However, one senior execu- 
tive wrote: “Imagine if BA 
said: ‘Choose our routing and 
flights for your next business 
travel purchase - even though 
they are a bit more expensive 
than the competition - and we 
will give you money in a 
brown envelope, addressed to 
your home.' Unarguably, a 
case of significant bribery. 

"Yet staff have no qualms 
about air miles. Travel agents 
will tell you that executives 
will practically kill to gain air 
miles. Please don’t attribute 
any quotes to me. I am in a 
minority of one, it seems." 

Not quite. A substantial 
minority made the same point, 
adding that the company 
should also receive any cash 
rebates paid to travellers. One 
respondent wrote: “Any time 


id never judge an airline by its 
lone. There are other criteria, such 
ig and arriving on time. But if you 
the crustacean yardstick, remember 
er is not necessarily better. Hr- 


swissair + 


spent travelling is working 
time, paid for one way or 
another as part of the contract 
of employment If some of this 
time is wasted and there is 
compensation to be had, thgn 
the compensation belongs to 
the owner of the wasted time - 
the company.” 

Mr Geoffrey Budd, company 
secretary of Dixons, the electri- 
cal retailer, asked whether 
travellers who accepted fre- 
quent-flyer points or cash com- 
pensation could experience 
legal difficulties. "Where the 
employee is a director, there is 
an obligation not to make a 
secret profit and therefore he 
should account to the 
employer for all such benefits,” 
Mr Budd wrote. 

“If. as a matter of corporate 
practice (whether articulated 
or adopted by defoult), employ- 
ees are allowed to retain th ese 
benefits, they are presumably 

disc Leasable to the Inland Reve- 
nue and liable to income tax. 
This may be less important 
so far as free flights are 
concerned, but could be signifi- 
cant In relation to cash com- 
pensation.” 


TRAVEL 

UPDATE 



Swissair 
ahead - 
confirmed 


A nyone who has ever 
been bumped from a 
confirmed hamebound 
! flight will cheer the news that 
Swissair is ahnltehfrtg the 
annoying requirement to 
reconfirm return flights from 
June 1. The alleged purpose 
- of reconfirmation. is to give 
I the airline a destination " 
contact number so it can warn 
passengers of a substantial 
i delay or cancellation erf the 
return flight, although it has 
never been clear why the 
absence of such a number • 
should entitle the airline to 
cancel a confirmed booking. 

Swissair said it already kept 
in its reservation system a' 
home contact number for its 
passengers and often the namo 
of the destination hotel From 
now on, it would start aaMng 
for a destination contact 
number when bookings were 
made so reconfirmation would 
no longer be necessary. 

Was the airline wonted 
about “no-shows”? 

“We always worry about 
no-shows,” a spokesman said. 
But he doabted that the 
problem would worsen asa 
result of the abolition of 
reconfirmation. 

Belgium bound 

The Channel tunnel’s formal 
opening earlier this month, 
provoked much discussion 
abut the future of travel 
between the UK and France, 
writes Mike Skapinker. A 
less-wldely noted consequence 
of the tunnel’s opening was 
that there will be rail services 
between London and Brussels. 

A monthly guide to all air 
and sea crossings and fares 
between the UK and Belgium 
is now on sale for an annual 
subscription of E4-L50. Rail 
services wilTbe included as 
they become available. The 
guide is available from Cross 
Channel, PO Bax 347, London 
WC2AIQD. 

Time is money 

Airport shoppers are to be 
courted even more 
aggressively by the British 
Airports Authority, in its effort 
to turn the time that travellers 
spend at airports into revenues 
for BAA. 

For travellers in two minds 
over making impulse 
purchases, BAA has 
announced a Worldwide 
Guarantee scheme. This offers 
"no quibble” refunds on 
products bought at any of 
BAA's seven UK airports, 
whether they are faulty or 
simply unwanted. 

Advice on how to spend 
money and fill shopping time 
will also be available from help 
desks at all BAA airport 
term ina ls. And for the forward 
planner, BAA has introduced 
a Freephone shopping line 
(0800 844844) to allow travellers 
to check on items in stock and 
reserve or order goods. 

A freepost address for the 
Worldwide Guarantee, and 
postage refunds to users 
outside the UK will give 
travellers "the confidence to 
buy goods in the knowledge 
that if they are not satisfied 
for any reason they will get 
their money back, no questions 
asked”, according to Sir John 
Egan. BAA's chief executive. 

And why is BAA so keen 
to win shoppers’ confidence 
- even at the price of making 
refunds later? 

“The money we make from 
people shopping at the airports 
is ploughed back into 
providing new facilities for 
all our customers,” says Sir 
John. “This mpanc that 
passengers win both ways." 

As so. presumably, does 
BAA. 


Likely wealher in the teradlng business ce ntres 


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FINANCIAL TIMES MONDAY MAY 16 1994 


IVf ATVT A fiFM' PTMT 




culture 

shock 


F or Nick Collins, liMn^ pg 
controller of Pringle of 
Scotland, it was an 
opportunity to become 
‘'immersed in an alien culture" 
learn a “horribly difficult” 
language, and find out about 
management styles on the other 
side of the world. 

Collins is me of more than 
500 young managers who has 
benefited from the European 
Commission's Executive 
Training Programme in Japan 
~ a l^year-old scheme that afaw 
to develope the presence of 
European companies in the Ear 
East. Last week. 40 more 
Europeans beaded east to start 
the intensive 18-month course, 
of language training, factory 
visits, culture and business 
seminars and a secondment to 
a Japanese company. 

Initial screening is carried 
out across the European Union 
by PA Consulting Group, with 
the final assessment in Brussels 
by the Commission (which pays 
tbe training costs and living 
expenses). Successful candidates 
range from managers in 
companies with sales as low 
as £2m to multinationals such 
as Royal Insurance and 
Micfaefin. Law firms, software 
companies and electronic 
components suppliers are 
among those represented in the 
latest group. 

“All these companies are 
currently doing business in one 
way or another already with 
Japan, although often in. very 
small volumes," says John 
Patrick; PA’s recruiter. Up to 
70 per cent of “alumni” axe still 
directly or indirectly involved - 
with EU/Japan trade and almost 
50 per cent axe living in Japan. 

Pringle's Collins believes 
participants will get more out 
of the programme if they do 
a stint with their company in 
Japan when the course has 
muled. “It’s a country that 
changes very quickly, it is easy 
to lose track.” 

Recruitment details from PA’s 
John Patrick, 123 Buckingham 
Palace Road, London SW1W9SR. 
Tel 071-7309000. Fax 071-333 
5050). 

Tim Dickson 


W hat do Bill Clinton and 
Bill Gates have in 
common, apart from 
being at the top of 
• their respective trees and having 
the same that name? 

Both are married to colleagues. 
They are members of a dob that 
includes Anita Roddick of Body 
Shop. Michael Green of Carlton 
Co m muni ca tion, and Derek Bon- 
ham of Hanson on its rapidly grow- 
rng membership list Some couples 
met through their work, some met 
first and then found a job for their 
partner, and some set up a business 
toget her. All are evidence of the 
same trend: business and pleasure 
are being mixed on a scale never 
seen before. 

A recent survey by Alfred Marks 
employment agency shows that SO 
per cent of employees have h ad an 
office romance, and half of th«a 
ended in wedlock or in cohabita- 
tion. A similar study in the US sug- 
gests a staggering 70 per cent of a 
cross-section of employees have 
a relationship with a colleague. 

In the old days bosses dated secre- 
taries. As greater numbers of 
women are working in inrreagiwgjy 
senior positions, men are marrying 
their equals at work. At British Air- 
ways, pilots used to wed air host- 
esses, yet next month the first hus- 
band and wife team of captains will 
be created when Jenny Fray a-nd 
Steve Pock get married. 

Traditionally, an office marriage 
was a signal for one partner to 
leave the company. Now there is 
less pressure to choose between job 
and spouse. M eTinda Fr ench, who 
married Bill Gates, evidently feels 
no conflict between being the boss's 
wife and being a Microsoft man- 
ager. She is carrying on with the 
company as before. 

Work romances are a mhmd bless- 
ing for companies. “These relation- 
ships are an extra complication in 
the working environment," says 
Susan Bloch of career consultants 
GHN. “Companies need to be very 
sensitive about it or they can get 
into a mess." 

Many companies say there is no 
policy because there is no problem. 
But research from Strathclyde Busi- 
ness School suggests that middle 
and senior managers in UK compa- 
nies still disapprove of office affairs. 

Companies that decide to take the 
ultimate sanctum and fire one or 
other partner may be breaking the 
law. An office romance can only be 
grounds for dismissal if the employ- 
ee’s conduct is disruptive, or threat- 
ens to harm the employer's busi- 
ness. If a couple marry, one partner 
can only be dismissed if it can be 
proved that their continued employ- 
ment would be impracticable, and 
the rules forbidding marriage are 
both reasonable and clear. 

An industrial tribunal recently 
upheld tbe dismissal of a senior 
manager of a small UK company 



RblgS 0(1 ttMir fioswa: B8 Gates, Mkrosofl chairman, groats wwhSng recaption guests wttti wife and employee Mefinda French 


Cupid's arrow 
across the desk 

Lucy Kellaway on reactions when colleagues fall in love 


called Alarmco. He had been engag- 
ing m bizarre feats including a toast 
and jam fight with his secretary, 
with whom he was having an affair. 

In another case Ann Tomen, a 
marketing assistant with Irish 
Bonding, was fired after her hus- 
band, who also worked there, left to 
work for a competitor. She con- 
tested the case, but a tribunal ruled 
that hw tiflrirhig was fair. 

Despite romances that end in 
tears, most office affairs cause little 
trouble. The majority view among 
UK companies is that relationships 
between members of staff are both 
inevitable and beyond the scope of 
corporate involvement NatWest Is 
typical in having no policies at all 
“it’s just not a problem." says the 
company. 

At the otter extreme are same US 
corporations which forbid employ- 
ees from dating. According to Mich- 
ael Rubenstein, editor of Equal 
Opportunities Review, some compa- 
nies have taken this route to pro- 
tect themselves from litigation. 

He says office romances raise sev- 
eral thorny issues for businesses. 
The first is sexual harassment “The 
concern is that if you have a rela- 
tionship that goes wrong; and one 
party wants to continue, you have a 
ready-made case of sexual harass- 
ment’* he says. 


A further problem is conflict of 
interest This can arise if the couple 
work closely together. Some 
employers think this problem suffi- 
ciently serious to have rules to keep 
couples apart At Arthur Andersen 
couples are not allowed to work in 
the same business unit “The basic 
policy is that partners should never 
be in the position where one super- 
vises the progress of another," says 
the company, adding that the rule 
applies not just to couples but to 
members of the frunfiy. 

McGraw Hill takes a slightly 
more flexible approach. “We deal 
with every situation an its merits. 
Where there may be a potential con- 
flict, we review it,” the company 
says. “It is an issue if the man is 
married to someone more junior in 
the department, and others think 
the partner is getting more favoura- 
ble treatment If that person isn't a 
good performer, it could be harder 
for their husband to talk to them.” 

For most companies there is 
much to be said for doing nothing. 
“We know that people are more 
likely to meet their partners at 
work than anywhere else. Usually it 
means more loyalty not less,” says 
Angela Baron of the Institute of 
Personnel Management. “The only 
time there is a problem is when 
people fall otrt.If That creates an 


atmosphere It should be dealt with 
under nnmy ii performance manage- 
ment techniques." 

There is some evidence that cou- 
ples can be an asset ratter than a 
potential problem. American 
research shows that morale and 
absenteeism Improve when a work- 
place romance is in full swing. 

David Norbum, director of the 
Mwtxagwnpmt School at Imperial Col- 
lege and bis wife Sue Birley are a 
veteran career couple. Over the past 
23 years they have held jobs 
together at six different business 
schools and universities, but found 
some more accommodating than 
others. “A bad response is the fear 
factor of the power of two people 
working together. A good response 
is that a couple gets up to speed 
more quickly. One plus one equals 
more than two," says Norbum. 

hi his latest job at imperial, he is 
her direct boss. He admits that 
there is a danger that some col- 
leagues could suspect favouritism, 
just as there is a mmflar risk that 
he might be unfairly severe on her. 
He thinks these problems are minor 
compared to the advantages. “The 
real plus is that you can gossip 
about the same people." 

Others might complain that din- 
ner at home is not much different to 
lunch In the staff canteen. 


More power to 
the team 

Christopher Lorenz explains why 
managers do not always know best 


P erformance measurement 
systems for multi-functional 
teams should not be 
designed by managers, but by 
the teams themselves. Nor. except 
in extreme circumstances, should 

managp rs fntw yffne Wh en 

measures show that problems 
are developing: the teams should 
be left to take the necessary 
remedial action themselves. 

These are two of the many 
far-reaching changes which 
companies must make, according 
to Christopher Meyer, an 
American consultant, if they are 
to succeed in the popular attempt 
to replace their traditional 
“functional” (departmental) 
structures with cross-functional, 
or “process-focused" 
organisations. 

Many executives have not yet 
even realised that they need new 
types of measures if 
multi-functional teams are to 
succeed. Meyer claims. But even 
where this need has been 
recognised, managers often use 
the new measures to reinforce 
their own power, rather than that 
of the teams, he argues in an 
article in the latest Harvard 
Business Review*. 

A measurement system 
designed to support a 
process-based organisation should 
help teams overcome two basic 
obstacles to their effectiveness, 
says Meyer getting functions to 
provide expertise when it is 
needed; and getting people from 
different functions on a team to 
speak a common language. 

As Meyer argues, traditional 
measurement systems fail to solve 
these problems in several respects. 
First, their primary role is to pull 
“good information'’ up the 
organisation, so that senior 
managers can make “good 
decisions” that flow down it 
To that and, aanh relatively 
independent function has its own 
set of measures. Marketing tracks 
market share, operations watches 
inventory, finance monitors costs, 
and so on. Such “results 
measures” tell the various parts 
of an organisation where they 
stand, but not how they got there 
or what either they or the 
organisation as a whole should 
do differently. As Meyer puts it, 
the few cross-functional “results 


measures” in most organisations 
are financial: revenues, gross 
margins, cost of goods sold, 
capital assets, debt and so on. 
They “exist only to help top 
managers”. 

By contrast, “process measures” 
monitor the activities throughout 
an organisation that produce a 
given result They are essential 
to help cross-functional teams 
deliver an entire product or 
service, such as order fulfilment 
or product development 

Steffis® is a far more helpful 
measure than most companies 
realise, he suggests. If it covers 
not just the number of people, 
but also the years of experience 
in main job categories, it can have 
a marked effect on a team’s 
performance, he says. If particular 
staff are missing at a particular 
stage in a project time-consuming 
and expensive problems arise 
later. 

Contesting the popular view 
- especially in the US - that 
“what gets measured gets done", 
Meyer advises strongly against 
the temptation to pile measure 
upon measure. Otherwise, team 
members end up spending too 
muph, firnp collecting data and 
monitoring their activities, and 
not enough time managing their 
projects. In general, a team 
should have no more than 15 
measures. 

Meyer illustrates his warnings 
against relying on traditional 
measures, and also against 
managers a team’s 
measures to reinforce their own 
control, with episodes that have 
occurred at Ford in the US. In 
one case, the result of executive 
intervention in a product quality 
project was frustration for team 
members and managers alike, 
and also delay. 

Meyer fails to explain how an 
organisation can avoid 
incompatibility and chaos when 
it allows teams of various shapes 
and sizes to design their own 
measures. But his overall message 
is powerful all the same: that 
“managers must never make the 
mistake of thinking that they 
know what is best for the team". 

*Bow the right measures help 
teams excel Reprint no 94305. Fax 
(US) 517-495-6985. 


YOU WON’T BELIEVE YOUR 



Juk a quick glance ax die E ric no n EH237 will tell you dm 
here is a mobile phone widi &lot pang for a. 

Small compact and obvioudy well dedgned. as you cm 
ace. And, on closer inspection you'll discover its many other 
anrib(iD£k 

1 * has irn fflummued keypad and a 199 name/number 
memory with iustanr access to emergency and drazoiy 
enquiry services. Win dwrci a choice of security and call 
barring options, call rime** and nod call counts, automatic 
recall and last six-number rcdiaL 

So your eye* abviouriy don’t dram you. But you mighr 
ri>«A your cto do. Listen, can a mobile phone really sound 
that good? In awash yes. 

JVdy it s dn< w something youH already have notked. 



EARS 


That stubby Hide aerial which you don't need to pull up 
when you make or receive a mIL 

Technically it V a heOcri antenna offering parabolic 
performance. Bui you won't want to know that. From your 
point of view it simply means that it work* just as well 
pot mad in any direction. The signal stays constant regardless. 

The anrarion we paid CO the sound quality on the 
EH237 even e n coded bo' developing the earphone in 
aasociarion with a hi-fi auau&aunec. 

The result yon can hear for yonodf ai your nearest 
mobile phone dealer, Believe us, we doubt you'll find and her 
mobile as easy on the ears. 

MOBILE PHONES BY ERICSSON ^ 


Foe mote dealt contact: Eriewon limned. 3 Gudldfad Burinax Park, Gnildfixd Sumy CU2 5SG. Tdtphooe 0483 465353. Fee W83 46546*. 

For Eritamn Accenorio, Dricpboac 062S 7S99I I. 


CONTRACTS & TENDERS 


LEGAL NOTICES 


PROCUREMENT OF CONSULTING SERVICES 
FOR CONCESSION OF INTERNATIONAL 
AIRPORTS 1 OPERATIONS AND 
ADMINISTRATION IN ECUADOR 

THE GOVERNMENT OF ECUADOR has initiated the 
process of modernizing its airport administration and 
operations activities. The Government Is seeking 
expressions of interest and brief Statements of 
Qualifications from consortiums of legal, technical, 
accounting, and investment banking and promotion firms 
with experience in the design and establishment of 
concession contracts for the operation and administration of 
airports, 

THE REFORM PROGRAM will be implemented by the 
National Council for the Modernization of the State 
(CONAM) in coordination with the National Civil Aviation 
Authority, it would indude separate concession contracts for 
the administration and operations of Guayaquil and Quito's 
International Airports. 

INTERESTED CONSORTIUMS ARE REQUESTED to 
send, through a sole representative, any readily available 
information demonstrating private sector participation 
experience in airport administration. Please send Statement 
of Qualifications In English or Spanish, inducting Curricula 
Vita of staff that could be assigned in Ecuador and client 
references of recently completed projects to the address 
below prior to May 31, 1994. 

Mr. MARCEL LANIADO DE WIND 

NATIONAL COUNCIL FOR THE MODERNIZATION OF 

THE STATE 

JUAN LEON MERA 130, 9th. Floor 
QUITO, ECUADOR 
FAX: (9932} 509-437 


INVITATION FOR BIDS 

The Ministry of Public Order of Albania invites sealed bids 
for the purchasing of the New Albanian Passport, with 
budgetary funds, through International and Local 
Competitive Bidding. 

Total need wfll be 2 million pieces, front which 700,000 in the 
first year, accompanied by the equipment for 
-computerisation printing and laminating. 

Cost of Bidding Documents USD 200. 

Bidding Documents can be obtained from Trade Relation 
Department of MPO on submission of a written application 
and upon payment of the mentioned non refundable fee into 
the account no 1388/107/01, maintained by the MPO at the 
National Commercial Bank of Albania-Tuana/ Albania. 

These documents will be available from the Trade Relation 
Department and can be obtained from the same, every day 
from May 20, 1994 at 12J10-15.00. 

Bid submission deadline and public bid opening date: 
June 30, 1994, 12j00 Midday at MPO. 

Bids will be opened in the presence of those bidders 
representatives who may choose to attend at above 
truentioned date. 

Further information can be obtained from: 

TRADE RELATION DEPARTMENT/MPO 

MrAxbenKdHp 

TeU +355 42 26801 3255 

Fax: +355 42 27520 


NOTICE TO SHAREHOLDERS OF 
MLH REALTY INVESTMENTS VI N.V. 

Notice of the Annual General Meeting of Shareholders 
of MLH REALTY INVESTMENTS VI N.V. (foe 
"Company*) is hereby given. The meeting is to take 
place at lldOajn. on May 30, 1994 at the registered 
office of the Company, 6 John B. Gorsiraweg, 
Curasao, Netherlands Antilles. The agenda of the 
meeting is set forth below. 

AGENDA 

Annual Meeting of Shareholders of 
MLH REALTY INVESTMENTS VI N.V. 

1. Report by Board of Supervisory Directors on the 
course of business of the Company and on the 
administration conducted during the fiscal year 
ended November 30, 1993. 

2. Discharge and subsequent re-election of the Board 
of Supervisory Directors. 

3. Report by the Board of Managing Directors on 
the course of business during tire fiscal year 
ended November 30, 1993. 

4. Presentation of the Net Result of die period 
December 1, 1992 through November 30, 1993. 

5. Confirmation and adoption of the Balance Sheet 
and Profit and Loss Account for the period ended 
November 30, 1993 and as presented in the report 
of the accounting firm of Ernst & Young dated 
April 20, 1994. 

6. Discharge and subsequent re-election of the Board 
of Managing Directors. 

7. Selection of independent auditors. 

Shareholders, by executing the subscrip tion. agreement 

for their shares have executed a discretionary proxy in 
favour of Yvomante Corporation N.V, authorizing 
Yvomante Corporation N.V. to vote the investor's 
shares. This proxy may be revoked either personally 
at the General Meeting of Shareholders or by written 
notice to Yvomante Corporation N.V. 6 John B. 
Gorsiraweg, Curasao, Netherlands Antilles, received 
prior to such meeting. Shareholders have the 
opportunity to instruct Yvomante Corporation N.V. as 
to the voting of their shares by writing to Yvomante 
Corporation N.V. at the above address. 

MLH REALTY INVESTMENTS VI N.V. 

BY: MeesPieison Trust (Curasao) N.V. 

Managing Director 


AU Advertisement bookings are accepted subject to 
our current Terms and Conditions, copies of 
which are available by writing to: 

Tbe Advertisement Production Director 
The Financial Times, 

One Southwark Bridge, London SE1 9HL 
Tel: 071 0733223 Fax: 071 873 3064 




10 



Branching away 
from the ranch 

Ted Waitt tells Katharine Campbell 
how he made Sioux City the Gateway to 
the world’s personal computer-users 


financial times monpay may 16 1W 



Personae 

Chapman: poised to ‘take on 
more' for Nomura Securities 



Mas Chapman, the combative 
American who in the past four 
years has turned Nomura 
Securities' sleepy and 
unprofitable US operation into 
an unlikely Wall Street success 
story, was asked recently if 
he would stay with the 
Japanese firm when his 
contract expired in September, 
writes Patrick Harveibon. He 
replied: “At some point, 
Nomura will say to me: *We 
would like you to do something 
more. 7 Or m decide to do 
something else." 

Well, now tt seems that 
Nomura has asked if Chapman 
would like to do something 
more; namely, take over the 
additional faafr of running the 
firm's London operation. And 


it looks as if the ambitious 
Chapman is ready to accept 
the offer. 

A1 though the details of his 

appointment as chairman of 

Nomura International in 
London were still being 
worked out last week, an 

announcement is expected 
within a few days. If he does 
fpitA charge of London, and 
with it the rest of Europe, it 
wiD be an acknowledgement 

both of Qiapman's growing 
Influence at the world's largest 
securities house, and of the 
importance that Nomura 
places on integrating its 
far-flun g overseas operations 
into a unified whole. 

Like many securities houses 
with global pretensions, 


Nomura has discovered that 
competition and rivalries 
between its separate foreign 
units has been counter- 
productive, not to mention 
costly. To rectify the situation, 
Nomura wants to merge its 
Individual fiefdoms, and Tokyo 
dearly believes Chapman Is 
the man to get US, London 
and Europe aH reading from 
the same page. 

Assuming he accepts the 
offer, the tough-looking and 
tougiwcting Chapman is likely 
to bring to London the same 
intensity of purpose that he 
brought to New York, which, 
after a few run-ins with Tokyo, 
he eventually turned into a 
smart, and highly profitable 
US-styte securities house. 


O ne of the typically eccentric 
“milestones" by which Gate- 
way 2000 chooses to chart its 
growth was July 1902. the 
month the gravel parking lot was 
paved. 

Ted Waitt, 32, who created the 
world’s ninth largest vendor of personal 
computers from a farmhouse in Iowa 
nine years ago, cares deeply about such 
things. “The gravel symbolised our phi- 
losophy of keeping the cost of doing 
business low, and not losing sight of 
our roots.” The rest of the staffc with 
their mud-spattered cars, eventually 
won him over, but even then, a col- 
league had to send in the engineers to 
explain why keeping his own space 
unpaved would be a symbol too far. 

Now the largest mail-order PC vendor 
in the US, Gateway sold $L73bn worth 
of IBM-compatibles in 1993, 56 per cent 
more than the previous year. It claims 
to be leaner and meaner than its rivals, 
including Dell, the industry pioneer of 
direct marketing. 

Dispensing entirely with dealers and 
their mark-ups, Waitt assembles 
machines using brand-name compo- 
nents, and addresses its computer-liter- 
ate, price-sensitive clientele through 
ads in specialist magazines. That works 
even for sales to large corporations, at 
least those with decentralised purchas- 
ing organisations. If the function is cen- 
tralised “you have to do a lot of 
schmoozing. We don't schmooze much: 
it's expensive," Waitt ex plains . 

Convinced the formula would travel. 
Gateway established a subsidiary in 
Dublin last October, from where it 
wants to service the rest of Europe. 
Sales in the UK have gone better than 
expected, but the continent win be far 
trickier. Waitt unveiled his French 
models at the beginning of this month, 
ami Germany is pencilled in before the 
end of the year. Rivals are deeply scep- 
tical that the relatively unfamiliar mail- 
order approach will catch on. 


But if it wasn't a high-wire act, Waitt 
wouldn't be having fun - which he 
patently is. The antithesis of the com- 
puter nerd, his gifts are not those of the 

technical visi onar y; his is basically a 

highly gifted sales and marketing brain. 

When forced to sit down, the nervous 
energy is challenged alternately Into 
firMiing with his tank pony tail and 
getting through the daily two packs of 
Camels. No friend of the business suit, 
he made his mark in London a few 
years back by showing up at a black tie 
ceremony in cowboy boots and a string 
tie. Given his apparent restlessness, it 
comes as a slight surprise that he has 
settled down to a wife - Joan is a real 
estate broker - and two young kids. 

Product of the boondocks of Sioux 
City - and proud of it - Waitt happily 
admits he had always set out to make 
money, "and, um. for whatever reason, 
I was fairly convinced I would be suc- 
cessful at something”. 

As the marketing literature for Gate- 
way will not let you forget, the Waitts 
have been in cattle for five generations, 
but Ted, it seems, was not exactly 
encouraged aboard. Instead, he took 
himself off to the University of Iowa, 
where he failed to stay the course in 
finance and marketing - "college in 
America doesn't prepare you for a 
whole lot of anything” - and went to 
work as a salesman in a computer store 
in Des Moines. 

Then, as now, no gizmo freak, he 
started off knowing nothing about PCs 
- but nine months later was in business 
on his own. Mike Hammond, whom he 
met at the store, provided the technical 
brains and his elder brother Norm - 
trained in the family cattle business - 
the financial nous. Ted, meanwhile, did 
what he does best - selling. 

Ads have been a company trademark 
from the start At first Waitt wrote his 
own copy and the creative work is still 
done in-house - including that for 
Europe. And of course he continues to 


star in the big parts in the ads: he posed 
in pirate gear in the US; as King Arthur 
for the UK launch; as Lafayette for the 
French. It is all intended to reinforce 
the company's home-spun philosophy - 
which is also why the packaging is cov- 
ered in splashes of black and white - 
supposedly reminiscent of cowhides. 

IBs taste for convertibles and jet-skis 
aside, Waitt claims he actually doesn’t 
like spending money. He certainly kept 
his bands off the naah as the business 
•grew. Started cm $10,000 secured against 
Granny Waltfs certificate of deposit, 
the company still makes much of its 
low gearing. Gateway belonged solely 
to him and his brother 1 until 15 per cent 
was floated on Nasdaq last December. 

L ike a child who resists growing 
up, Waitt does not relish every- 
thing that running a big company 
entails. Outside shareholders, he con- 
cedes, are indeed “a bit of a nuisance, 
yes". He also affects not to track the 
share price: "It would drive me crazy”. 

One can see his point. Launched at 
$15, it motored up to $24, but was last 
week lingering only just above the low 
of $1<L5. Even if Gateway's net margin 
of 4.1 per cent is still one of the best in 
the business. Wall Street disliked being 
surprised by the 1994 first quarter earn- 
ings - down 2.7 per cent on a 12 month 
comparison. Waitt is only just learning 
- reluctantly - to play the game. And 
his investor relations man Jim Whar- 
ton, who joined last autumn after hav- 
ing been mayor of Sioux City, certainly 
followed an unusual path to the post 
Earnings were down partly because 
an unexpected change in “bus" technol- 
ogy, the process by which data is 
moved around within the PC. caught 
the company on the hop. The problem 
illustrates the ever-present risk of being 
tripped up by change in a business 
where minimal inventory is a . crucial 
component of cost minimisation. 

The company was also eventually 


farced to allocate more resources to its 
(free) customer support service when 
some other software companies began 
to charge for after-sales assistance. 

Waitt does not deny the difficulties. 
"Six months ago, the time spent on 
each call suddenly went up by about 50 
per cent” “We are finding we are giv- 
ing DOS lessons over the phone - peo- 
ple stay on the line for four or five 
hours, particularly at night" Unhappy 
customers complain that at one point 
last year their calls might not be 
returned nntfl the following day. 

Another thing Waitt has disliked, one 
suspects, has been the need gradually 
to cede control to others. Bob Spears, 
managing director of the European 
operation, observes that Waitt loves 
coming to Dublin. "He likes to be 
around a Gateway of just 200 people 
again.” 

Founded a year before Gateway, Dell, 
which plunged into loss for the first 
time in 1993. is further down the road to 
adulthood - and struggling. What les- 
sons does he draw? 

"Dell is a very different company” 
begins Waitt, who himself could not be 
more different from his earnest, terribly 
mature, but actually younger rival 
Michael DelL He believes that if you 
combine mart order with more tradi- 
tional selling - as Dell does - managing 
it becomes very complicated. 

While Waitt thinks he has already 
achieved "critical mass" sufficient to 
survive among the big boys, there are 
hurdles aplenty ahead. Europe will 
almost certainly prove tougher than he 
imagines, to begin with. At the same 
time. Gateway's strength to date does 
lie In its marketing and distribution 
formula; if margins are cut to the bone 
on PCs, Waitt could always shift to 
mobile phones, or almost anything else. 

So how can he prove Gateway is not 
just another a rocket chip, in the jar- 
gon? Much fingering of the pony tail 
"That's the tough part,” he says. 


Rapid Path 
for Donovan 

Ever flown in or out of New 
York and cursed the lack of 
any-iapid transit link between 
thi» city 3 p d its airports, asks 
Richard Tomkins- Then meet 
someone who hopes to help 
put that right - Kathleen 
Donovan, the first woman to 
chair the Fort Authority of 
New York and New Jersey. 

The Port Authority is an odd 
institution. Apart from 
r unning the three main 
airports - JFK, La Guardia 
and Newark - it operates the 
PATH rapid transit system 
linking New Jersey and 
Manhattan, six interstate toll 
bridges and tunnels, two bus 
terminals, a forty service, the 
New York-New Jersey port, 
three industrial parks and the 
World Trade Centre. It has 
annual revenues of nearly 
$2bn, but as a self-governing 
public agency it is accountable 
to neither electors nor 
shareholders. 

Could thing s change under 
Donovan? An attorney, an 
active Republican and a former 
New Jersey legislator, she was 
appointed to the board by New 
Jersey's Republican governor, 
Christine Todd Whitman, for 
whom she campaigned in last 
year’s state elections. Given 
that context, you might think 
a touch of privatisation could 
be on its way. 

Donovan, however, is 
reluctant to be cast in the role 
of revolutionary. If anything, 
she seems set to expand the 



authority's business empire 
farther by pressing ahead with 
plans for a rapid transit system 
linking JFK mid La Guardia 
airports with Manhattan. True, 
that will be expensive, she 
says: "But then nearly 
everything the authority does 
is expensive." 

Still, Donovan, 42, does not 
rule out a growing role for the 
private sector. The 
management of some of the 
authority’s functions could 
be contracted out even if the 
ownership does not change, 
she says. "I am sure you are 
going to see a lot more public 
and private sector 
partnerships.” 

Saenz poaches 
from BBV 

After its takeover two weeks 
ago by Banco Santander, wits 
said that Banco Bspafiol de 
Credito, Banesto, should more 
properly be called Banco 

San tanderino de Credito and 
known as Bansanto, writes 
Tom Burns. But perhaps it 
ought to be identified as Banco 
Vizcaino de Credito, Ban vita; 
and Banco Bilbao Vizcaya, 


BBV, the bank that was outbid 
in the auction, should simply 
be referred to as Banco Bilbao. 

The key to all the playing 
with name-tags is Alfredo 
fiflena, 52, rhairman of 

Banesto, former vice-president 
of BBV and former heir 
apparent to Banco Vizcaya 
before the latter merged with 
Banco Bilbao in 188a Saenz, 
an acknowledged 
troubleshooter In the tintnag fo 
banking business, was "lent" 
by BBV to rescue Banesto after 
the Bank of Spain’s 
intervention at the end of last 
year. Santander duly scooped 
Banesto and immediately 
asked Saenz to ran its prize. 

Saenz not only accepted the 
offer but also persuaded eight 
colleagues to leave BBV and 
join him on. Banesto’s 
management board. To a man, 
the Saenz-picked team has an 
emphatical Vizcaya pedigree. 

The most senior defector, 
after Saenz, Is Banesto’s new 
managing director, Victor 
Manuel Menfindez Mfflfin, 53. . 
He was Vizcaya's treasurer 
at the time of the merger with 
Bilbao and went on to be a 
member of BBVs management 
board with responsibility for 
information systems. 

The Saenz-inspired stampede 
of Vizcaya managers into 
Banesto is hferiy finally to pare 
BBV down to its Bilbao bane. 
Three years ago Francisco 
Luton, once Saenz’s rival first 
at Vizcaya and then at BBV, 
became chairman of 
Argentaria,andhas since 
lured some 70 one-time Vizcaya, 
employees away from BBV 
to the state-controlled hank - - 


CONFERENCES & EXHIBITIONS 


MAY 1 7-18 
MAHLER HALEY 
ROADSHOW AND SEMINAR 

Capital Moat House, Edinburgh 
featuring a selection of portable displays, 
new exhibition systems and display 
accessories. See Ac latest technology in 
display design. Discuss your exhibition 
needs. FREE admission. 9om - 6pm. ’A 
Guide to Scttn Exhibiting Senunai” runs 
concurrently. Cost £49-95. 

Ewpiiries: Louise Hodgsao-Joocs, 

Matter Haley ExpoSystems 
TefcOttOZISMS Fax: 477032 
EDINBURGH 


MAY 17 -JUNE 23 
ca 1994 TRAWG PRESENTATION 
CBI balf-dav -«nnt« using case 
to examine current training trends 
including IIP, NVQ/SVQ etc. Locations: 
Manchester, Bristol. Cambridge, Belfast, 
CmJ iff. Newcastle, Nottingham. Glasgow. 
Contact Gcaghu Kmgaby. CBI Conferences 
Tel: <m 379 7400 Fax: 071 497 3646 
LONDON 


MAY 18 -JULY 8 
CONTAMINATED LAND - 
LESSONS & LIABILITIES 

CBI half-day seminar, supported by 
English Partnerships, considers legal 
tmpUcattm*. business needs and political 
dctriopuirncv. Locations: London, Bristol, 
Birmingham, Leeds, Glasgow, Manchester. 
Ci-coct: Georgina Kmpby, CBI Conferences 
Tel: HTI 379 7400 Fax: 071 4fl7 3646 

______ LONDON 


MAY 19-20 

FOREIGN EXCHANGE RISK 
MANAGEMENT 

Providing corporate treasurers with new 
iwighti into their hedging problems and 
strategics. Corporate speakers include 
L'ftrcji. ICL Bcncuon. Nokia. Yves St 
Laurent and Ritib Royve. Treasurers will 
discuss hi'w they tackle currency 
exposure, hack office problems and I be 
latest option KHncgtcs. 

Eicraunev 

Tct *44 717^8711 fax: 444 71 770 86Q3 

LONDON 


MAY 20 

WORLD CLASS MTB4NATONAL 
WORKSHOPS: 

BUSINESS PROCESS MANAGEMENT 
Organisations achieve their goals through 
a relatively small another of processes. 
This workshop explores bow to create 
value adding processes and the role of 
n itrkiluw onromatHHi and activity based 
coring i Ref; WCM41 
Contact Vicki We thus 
World Claw international Limited 
Tel: 07ns 268133 Fax: C7U5 268 It* 

HAMPSHIRE 


MAY 24 

INSURANCE PREMIUM 
TAX CONFERENCE 

Major conference on imptkaiiaas of EFT, 
featuring representatives from HM 
Customs & Excise. 

Price: 041 pins VAT 
Coenet: Michelle Beard. Ernst A Young 
Tel- 0?1 931 2297 fax: 071 242 5862 

LONDON 


MAY 24-26 

HA/POA GLOBAL INVESTMENT 
& RISK MANAGEMENT 
OPPORTUNI7ESFORNSITTUTKWS4 
FUND MANAGERS 
LsMerhtian Hotel 

P f-THu 1 ^ funds, ffcn tffirerft . t raders , 

product designers address using figures for 
risk management. Keynote speakers: Brian 
Quinn, Bank of England; Gordon Bums, 
G en eral Motors Pawn Fond. 

Ganna; US Julia Grerawsy 202-466-5460 
UK Carotine Janes 071 488 4610 

LONDON 

MAY 24-26 
RALTECH 

The Railway Technology Event tor sysrerns 
rod canp a t enti. Ratbcch win toens on the 
technology being developed and applied in 
the railway component supply industry 
internationally. Ike Fririb itio u p resents the 
Ucai opportunity far mundacaros to meet 
senior e ngi neers and specifiers and will be 
supported by a Cnwen of over 20 aanhats. 
Contact: Roger West - Centre Exhibitions 
Tel: 021 767 2683 

BIRMINGHAM 

MAY 26 

TURBO SUCCESS SEMINAR 
Marketing, Sales and Personal 
Success 

International best selling British author, 
marketing director and entrepreneur, Ron 
G Holiaad. dcutowwi ting well proven and 
dramatically effective techniques far 
global achievement. Advanced bookings 
■El 76.25 including VAT. 

Dwid Roc 

Fax: 0582 840635 Tet 0582 840635 

HARROGATE 

JUNE 2 

COST OF CAPITAL AND 
ASSET VALUATION IN 
REGULATED INDUSTRIES 
Asset return mid valuation bract ore critical 
in tbe current regulatory price reviews. The 
conference win discuss current theory and 
practice in this area, as wen as appropriate 
methods of measuring rates of return. 
Contact - Sally Harris: 

Tet 0895-203321 fa*: 0895-274697 

LONDON 

JUNE 2 

DEVELOPING NEW PRODUCTS 
FOR GLOBAL MARKETS: THE 
OPPOHTUNmES 
A n a t i ona l one-day ooatcmoe u m a nne d by 
He Design Museum in conjunction with the 
DTL ■which will tackle the fundamental 
issues of new product devrtoproon and to 
impact on profitability and competitiveness. 
Contra: Conference Secretariat. Northern 

Conference Bureau 

TeL 0625 502600 Fax: 0625 502900 

BIRMINGHAM 

JUNES 

ENVIRONMENTAL 
MANAGEMENT SYSTEMS - 
IMPLEMENTING EXPERIENCE & 
LEGAL LIABILITY IMPLICATIONS 
Chaired by Mm StantaUfeliuh Depann^ 
of the Environment. Environmental 
Protection ft Industry Division. Speakers 
from Scion Healthcare, Masotu, Natwest, 
ISO Drafting Committee, Nabarro 
Nalhmson, ISA. Transport Development 
Group and Cameron Mark by Hewitt, 
Environmental software systems display. 

Fax Pamela ShimcU, [winery Sc 
Environment Asocmta for brochure on: 
081 876 1674 (Td: 081 876 3367) 

LONDON 


JUNE 6 

TIC NEW UK TRADE MARKS LAW 

Practical impO carious far your business; 
mg H tubfl ity, legacy's view, agent's view* 
enforcement of rights under the new law; 
benehtx experience; advertising world's 
perspective; industry sector panel 
discussion; branded goods, motor 
industry, luxury goods, retail sector. CPE 
5 brans. Contact Kay Dkktosen,IBC 
TefcOTl 6374383 Fire 071 631 3214 

LONDON 


JUNE 7 

HOW TO BE A MORE 
EFFECTIVE CONSULTANT 

C on s u l tant s most not only have specialist 
competence; they must be effcoivo at 
nnnriog their own consultancy Imsiness as 
welL This one-day seminar will address 
the typical difficulties toeing coasuhmus 
in managing the commercial aspects of 
[heir profession and cover topics such as 
marketing your consultancy practice. 
Director Conferences 071 730 0022 
LONDON 


JUNE 7 

FNANCMLHEPGRTNG&AUXnNG 

dB/Toocbe Rots conference considers 
on-going reform process and current 
accounting treat me at issues including 
goodwill, property rights etc. Speakers 
include: Sir Sydney Lipworfb. Ian 
Pbuscowe and Peter GoUsmith QC. 
CounccNioeli Manta. QM O a u fcmn u m 
Tel: 071 3797400 Fax: 071 497 3646 
LONDON 


JUNES 

BUSINESS PERFORMANCE 
MEASUREMENT: The 
Instruments of Corporate Chan go 
A half-day seminar far senior executives 
wishing to explore the issues involved in 
developing and introducing new 
performance measurement and reporting 
concepts. Featuring David P Norton, 
President Renaissance Strategy Group, co- 
founder and farmer President of Nolan 
Norton & Co. Contact: Burincm InteHigmcn 
Teh 08I-S44 1830 Fax: 081-544 9030 
LONDON 


JUNE 8-9 
EIS 94: 

CLIENT SERVER REPORTING 
FOR THE ENTERPRISE 

Europe's kading conference and exhibition 

on Eamnive and Management information 
Systems. A unique conference programme 
which gathers many of the world's best 
thfatax, practitioners and cac studies, with 
the aim of helping wgj naatkms l"»fc fk hj 
business goals. Contact: Business 
Intelligence TeL 0S1 544 1830 Far. 081 

544 9020 LONDON 


JUNE 9-10 

BUSINESS PROCESS RE- 
ENGINEERING SEMINARS & 
WORKSHOPS 

Ceonnuiag, i socceKfol series of i minw 
for executives and senior managera charged 
'with designing and implementing BPR 
Ini tiatives. Established Mae chip efienf list 
Presented by a leading US practitioner, our 
guide k illustrated with case studies and 
workshop*. Course book available. 
Repeated September 19-20. Contact: 
Richard Pans, Vertical Systems Intercede 
Lid Tel: +44-453-250266 (24 hour*) 
fax: +44*55-890821 

LONDON 


JUNE 9 & 30 

TAKING THE RISK OUT OF 
RE-ENONEER1NG 

tTXM present a free seminar comprising 
four recent case studies, a proven 
methodology tor business change. 6J0 to 
8pm followed by refreshments. 
Lanesboimigh Hotel, London. Also three 
day methodology workshops. 

Book Now. call Victoria oo 
Tel: 071-584-191 1 or Fine 071-381-9525 
LONDON 


JUNE 10 

INTRODUCING COMPETITION 
INTO THE PUBLIC SECTOR 
Market t es ti ng and privatisation - legal and 
com mei ctalc tatnr ngB n pnbfic procurement 
obligations and remedies; employment tiw 
and human resource tames: preparing the 
invitation to tender; pre pa ring a s u ccess fu l 
bid; selecting the right contractor; 
admtatatndug the i-to 1 *™*- afternoon panel 
session and discussion. CPE 3 boots. 
Contact Kay Dickinson. IBC 
Tfet071 6374383 Fee 071 631 3214 
LONDON 


JUNE 16 

NEW PERSPECTIVE IN 
MANAGEMENT ACCOUNTING 

Swallow He'd, York. 

Can your com pony gain advantage from 
new accounting techniques tuch os 
activity based cm manag e me n t, easterner 
profitability, ihroitgliotit aisumthig v 
Contact: Evauna Morris, 

CIMa Mustercotuses Tel: 071 917 9244 
Fax: 071 5806991 

YORK 


JUNE 16 

BEER IN THE 90S - The Brewer, 
Die PttoOwnar&Tha New Regime 
Regulatory framework; responsibilities 
of the Office of Fair Trading, ecntromic 
environment: new brewer/ienaat 
relationship; pub auria* in the 90s; future 
trends for beer and cross-channel 
competition; forikCng a pah chain: raising 
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TefcOTl 6374383 Fax: 071 631 3214 
LONDON 


JUNE 16 

THE GOVERNMENT'S 

DEREGULATION PROGRAMME - 

Second Pftase: the Practical 

I mpfications for UK Companies 

Speakers include Michael Headline Mp, 
Stephen Dorrcfl MF, Michael Forsyth MP, 
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members and Peter Morgan, Head of loD. 
Contact Citv A Financial Conferences 
Td; 0276 356966 Far 0276 856566 
LONDON 


JUNE 19-23 

EDP AUDITORS ASSOCIATION 
22ND INTERNATIONAL 
CONFERENCE 

Major con f e r ence on information S y rians 
auditing, featuring over SO educational 


JUNE 20 

A FUND MANAGER'S GUIDE 
TO VENTURE CAPITAL 
Improve the quality and increase returns 
00 investments. Speakers from 3i Group, 
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LONDON 


JUNE 20-22 

THE GOVERNMENT OF CUBA 

Cuba opens hs doom to business men and 
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Fine +44 71 409 3296 
LONDON 


JUNE 21 
INDIRECT TAX> 

AN INTEGRATED APPROACH 

Conference on changing UK indirect tax 
systems and Implications to business, 
featuring specialist tax planning 
workshops. 

Price: £100 phis VAT 
Contact: Michelle Beard, Ernst ft Young 
TeL- 071 9312297 Fax: 071 242 5862 
LONDON 


JUNE 22 

BRANDS, NAMES AND MONEY 
4faBraoite Ma nBDa™rtCcwJtawncB 
The taw mitring » bade mads and brands ■ 
now changing. The war on *1ooknUke* 
products highlights problem* facing all 
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F m nprnn Sjtmiy OilW iw i r r a t Irt 

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LONDON 


JUNE 23 

TOTAL INNOVATION 
MANAGEMENT: IDEAS INTO 
ACTION TOR IMPROVED 
PERFORMANCE & PROFTEABILITY 
Innovation matters. Directors know this. 
The question is how to engineer your 
organisation for the appropriate ieveb at 
innovation. This conference, chaired by 
Robert Hcllct is organised by The 
Strategic Planning Society. 

Contact; Jo Mai nee. The Strategic 
Planning Society Tel: 071 636 7737 

LONDON 


Price: £795 plus VAT (EDPAA menthas) 
£895 phis VAT inoo-membas) 
Contact Jadd Butiec, Institute of Physics 
TeL 071 -235 61 II Fau O71-2596002 

LONDON 


JUNE 27-28 

THE BUSINESS OF FUND 
MANAGEMENT 
CotrpsttivQ Strategies for the 19903 
The seminar will discus* rhe issues 
■Hectjng the development and 
competitiveness of the money 
management boainesa. It win take > fresh 
look Bl - market penetration strategics, the 
management of people, fiuancea, 
information technology and suppBers. 
Ettromooey. 

Tet+4471 7798683 fine +44 71 779 8603 
LONDON 


JUNE 29 

INTERNATIONAL WHEAT 
COUNCIL, WORLD GRAIN 
CONFERENCE t994 
Speakers from major grain imp orti ng and 
exporting countries will explore policy 
adjustments in the post-Uruguay Round 
trading environment. Prominent traders 
will examine dmlknect facing the milling 
and malting industries 
Contact I m a nationa l Wheat Council 
Tel: 071-513 1122 fax: 071-7120071 

LONDON 

JUNE 30- JULY 1 
RAISING EQUITY AND EQUITY- 
LINKED INTERNATIONALLY 
The semtaar win focus on the tones faced by 
corporates when issuing capital 
internationally: balance sheet structure, 
instruments choice, risks and re wa rds. 
Workshops wiU look at - using deriva ti ves, 
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Euromoosy, 

Tch +44 71 779 8683 Fax: 444 71 779 8603 
LONDON 

JULY 1-3 

EUROPEAN INFORMATION 
AND CONSULTATION: 
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implications of the new EC Directive wire* 
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and gihlt qg gnmpl Ff nf WodCB 

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trade nifintett, ami rnwiw k. ln n official! 

will review forthcoming legislation and 

jui gpor 

Contact lutia Smmdcsa, IRST 
Tet 071 354-5858 

OXFORD 

JULY 4. 4-6, AND 7&8 
MANAGING HUMAN 
RESOURCES IN R&D 
3 international event* for HR managers, 
RftD managers and researchers. 
Organised by the journal 'RftD 
Management 1 , and Manchester Business 
School. Workshops £55. Conference 
£325, Seminar l Advanced Practices far 
Managing Technical Protosaunals) £600. 
Tel: +44^0)61-275-6338 / 6449: 

Fkx: +4440)61-273 7732 

MANCHESTER 

JULY S & 6 

NOCS4 •EMPOWERING THE 

ORGANISATION 1 - 

The Business of IT 

This conference will focus on practical 
advice on bow new and evolving IT 
rotations are being used to awtlop effective, 
real-world, business strategics. NCC94 is 
specifically tailored for senior IT 
ji ri iC m t i t i ii rih and motor fcJtpttfac executives 
i«| n i rii i g u p date s on dtanga involving IT. 
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Tet 061-228-6333 or Fax: 061-236«M9 
LONDON 

JULY 6 

SECOND CITY OF LONDON 
DERIVATIVES CONFERENCE 

Bankers, regulator* and users discuss 
topnrtriswn, capital adequacy, new product 
devdapmeot and problems fat the markets. 
Sponsored by CSFU Total Bank Europe, 
Arthur Anderses, FreahBelda, Lombard 
Risk Systems and Ralfc ft Natan. 

Details from: Ctyfixum Lid 
Tel: 0225 466744 Fax: 0225 442903 
LONDON 


JULY 7 

TIE NEWMSDBtTRADiiG LAWS 

A practical Briefing Cor Compliance 
Officeo, Lawyax. AiuSuts and Regulators. 
Chairman; Richard Wen; Director General, 
Institutional Fluid Managers Association. 
Spcakea bdnta Dr Ban? RUa; Barriseq 
Martin Hall, Chairman of the Stock 
Exchange Working Party oc Dtasemmatioo 
of Price Sensitive infomutioo. 

Contact: Sacha Tint, 

Tel: 071 404 3040, Fax:071404-2081 

LONDON 

JULY 7 

PRACTICAL ANALYSIS OF 
THE NEW INSIDER DEALING A 
TIPPING OFF LEGISLATION 

Seminal at Tie Law Society covering new 
pmvjatanv m Criminal Jutaica AS 1993, Sndk 
Bachanp GahtatK^CoiparaK Fbuore ft BC 
Dnectiw 1989. High kvd ^teston from be 
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Imerfomm- Tet +44(0)71 3869322 
Fax: +44 (0)71 381 8914 

LONDON 

SEPTEMBER 16 
ELECTROMC BANKING - LAW, 
REGULATION AND PRACTICE 
Electronic banking and the consumer 
security and risk; who ia responsible; 
electronic fund transfers; contractual, 
evidential and other legal Issues; data 
protection, data storage and security 
requirements; dealing with the law in 
practice - a franks twpainc; tegal ce n s rabi a 
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Contact: Kay Dicfcfasoa, IBC 
TeUJ71 637 4383 fax: 071 6313214 

LONDON 

SEPTEMBER 22 
LEASING -' THE PRACTICAL 
WAY FORWARD 

[the law; lease v buy i 



negotiating a deal (2) insolvency and 
nnmreffing the deaL CPE6 boms. 

Contact: Kay Dickinson. IBC 
TetOTI 6374383 fas 071 631 3214 

LONDON 


INTERNATIONAL 


MAY 17 -19 

POWER-GEN EUROPE “94 

Largest conference and exhibition on 
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European utilities and active to 

power generation present. 

Contact Penn Well CA£ 

Tot 31-30-650. 963 fa* 31-30-4&S0.915 
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JUNE1-3 

CHNA ELECTRIC POWER 
INDUSTRY FORUM 

At ibis conference 20 Chinese pow« 
industry representatives wfii give ttefr view 
oo the fast developments on power 
generation in China. Over 100 Chinese 
utility representatives will be present. On 
day 3 semi-private meetings will be 
anapged for stgrpiiers from outsfoe China. 
Courace Penn Well CAE 
TehJl-aWfiOSIH Far 31-30450915 

SHENZHEN. CHINA 


JUNE 8-9 

UKRAINE - THE BUSINESS 
PARTNER PLANNING & 
WORKING FOR THE FUTURE 

Two thy c onferen ce exploring business 
appaanuties in Ukrafae. Speatora incfcde Dr 
Votodymyr Lanovoy A Roman Shpek. 
Tbpica covered: Economic Reform. Inflation, 
Foreign Investment, Privatisation, Rearaial 
Services. TAOS programme. Energy nod 
Real Estate. Optional trip to Odessa. 
fntedmiB - Tet +44 (0)71 386 9322 
Pax; +44(0)71 381 8914 
KIEV 


JUNE 13-14 

THE EUROPEAN FOOD A DRINK 
HDUSTRY CONFERENCE 
M a t wfe f i u rera a««f distributors ere being 
squeezed as prices and margins are forced 
downwards. Tbts ctxtfereace ptesoas actions 
and solutions; bow to strike a balance 
between isdustty constraints and future 
brtsuMM development. Contact: Louise 
Tbomas MattafmentGeatae Europe, Brustds 
Tab +32 2 516 1911 Fax; +32 2 513 71 08 
BRUSSELS 


JUNE 14-15 

DEVELOPING AN EFFICIBIT 
INTERNATIONAL AIRLINE 
INDUSTRY IN CHINA 

In association with the finance de p a r tment 
<rf the CAAC. Key topics: Infrastructure, 
fleet finan c i n g, financial management, 
security. Sect planning. More than 40 
senior executives of Oifoesc airiiaes have 
confirmed, including Air n+n and rtiim 
Somhera and Northern. Contact B Baatz. 
Tet +4471 7798791 Bax: +44 71 779 8791 
SHANGHAI 


TO ADVERTISE IN THIS SECTION PLEASE CALL JANET KELLOCK ON 071-873 3503 


JUNE 2B-27 

A POWERRJL GLOBAL ALLIANCE 
- Infomercial Teleshopping ‘94 
NIMA International’s international 
conference featuring lop direct response 
tatoririon executives from North America 
and Europe. In-depth discussion on 
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Ttal: 071-6309977 Fax: 071-630 9806 
'Not afitliated with Netherlands Inwftno 
for Marketing. 

AMSTERDAM 


JUNE 28 & 29 
EUROSECURITY *94 

IT Security, Industrial Espionage aud 
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by world- renowned exp erts in this field. 
Socrfcr£ Gintsrak Oc Dtveloppanctt SJL 
Telephone (+322 312 46 36j 
fax (+322 512 46 53) 

BRUSSELS 

JULY 7-8 

6TH MULTINATIONAL 
ESOP CONFERENCE 

The ESOP Centre's annual multinational 
conference has established itself as the 
main enthering of International 
P^wtionen bt employee share ownership. 
Anyone operaring or considering a 
multina tional ESOP. u well as 
pnAwtonal advises should come. Rtf full 
Pfognmme: Freddie Hnffatra 
ESOP Centre; 071 436 9936 

BRUSSELS 





11 


FINANCIAL TIMES MONDAY MAY 16 1994 


Colin Amery signs off from this p apP 



as an art 


iSy- 


aglr 

'U 


l ‘i(i . 

*I!ir 


i 


s architecture art? It is a feir 
question, since this is my last 
Monday column far the FT on 

the Arts page - although I shall 

still be writing for the FT and still on 
a Monday. 

iftK.. Once upon a time, especially 
•m‘ anHm4thelasttumafthecentury.it 
k was commonplace to talk of architec- 
... hire as "the mother of the arts”. 

Today the debate about architecture 
' has become the mother and father of 
all debates, but whether or not it is an 

• ; • informed debate about artistic virtues 

V is highly questionable. 

V Even the secretary of state far the 
environment joined the militant ten- 
* deucy of architect halers last week by 
; describing many of them as “arrogant 
. * creators of brutal and ' alienating 

.. V buildings’'. Of course Mr Gummer is 
* r not wrong; but he should be aware 
; that in the last decade thing 8 have 
•. improved considerably. 

. O There is greater public awareness of 
. . '*• architecture, brought about by a reac- 
tfon to both the brutal horrors of the 

■ 1960s and the boom follies of the 
- 1900s. There is more informed interest 

. . in conservation - witness more than 
'I r : two mdlion members of the National 
Trust, a lively conservationist televi- 
' sion programme (BBC l. One Foot m 
' : the Past. \ and the growth of "historic 
, . . «j hams” magazines. 

■ At the ccanmisaioning level, there is 
much more concern about hiring good 
architects, winch in turn has lead to 
’ mere competitions, as developers real- 
' ■ lse that good buildings are good 
• - - . business. 

During the period I have been writ- 
■ : . jug on this page, I have been lucky 

■ -- enough to sit on many juries and 
.r ■ ." competition adjudications have 

been involved with a range of new 
buildmgB that all demonstrate archi- 
....... tectare as an art, and never as just a 

hand maiden of nihilist modernist 
.... ' propagandists. 

..I. ■' The Salisbury Wing of the National 
. ; Gallery in London by Robert Venturi 
7J6 and Denise Scott-Brown succeeds in 
^ being a complex work of art in itself 
'' k ‘ while never overwhelming the paint- 
Jr 1 fogs. The Supreme Court in Jerusa- 
' tern designed by the Kami brother 
* and sister team is a unique example 
' y '-r. of a late 20th century monumental 
■*" --:s building that is timeless in its rela- 
1 i.*:,; tionshlp to its environment, in this 
case the sensitive stones of the Holy 
•-.ic City. At the Tate Gallery at St Ives, 
'.'c Cornwall, Eldred Evans and David 


Sbalev produced a building of such 
pristine clarity and form that it 
gleams as a work of art almost more 
brightly than some of the collections 
it displays. It was an excess of talent 
which divided the jury of that 
competition. 

The debates and di«m<«irms that 
took place during the selection of 
architects for these three buildings 
was always at a highly intense level. 
Client bodies and benefactors for 
b uilding s of this calibre gHnni fl never 
be under-estimated: they show great 
concern and, hi snrry? competitions, 
are frustrated by the lack of an ade- 
quate creative response from 
architects. 

What has become increasingly 
clear, is the need for architects to 
bring practicality and art together. 
This is not such an Herculean task if 
architects are prepared to t a k e the 
client on board as they move from 
concept to de tail. Clients often know 
far more about the way they want 
their buildings to work than the 
architects — and there is such a thing 
as creative collaboration. 

T here were some happy signs 
in last week's Sunday Times/ 
Royal Fine Art Commission 
Architecture Awards that 
commerce and industry have, despite 
the recession, completed some innova- 
tive and worthwhile new buildings. 

The Building of the Year 1994 went 
to the Cable and Wireless College in 
Coventry, designed by MacCormac 
Jamieson Prichard. Cable and Wire- 
less has shown itself to be a brave 
patron. For it s ref urbished London 
office, sculptor William Pye was com- 
missioned to design a brDliant water 
feature. In Coventry, its training 
school for advance communication 
technology does not adopt the obvious 
architectural language of “high-tech”; 
it is much more low tech, almost ver- 
nacular, with its sweeping roofs and 
lattice of gl azing . Commerce tri- 
umphed, too, with a dazzling new 
Salisbury stare at Canley, also near 
Coventry, an elegant glass and steel 
pavilion designed by Lifschutz 
Davidson - 

Both Sainsbury and Cable and 
Wireless are major companies that 
see the real value of good design. 
These two new braidings are worthy 
prize winners because they bring art 
to life. That must be the role of good 
architecture. 


ARTS 



- ' .. 

Sunday Times/Royal Fine Art Commission Bnilding of the Year: the C&W college in Coventry 


’ •* • • U- , . ^ , m- rn m 

"■ — : TJ-nwdi.’ centre of the 
• -A pC European Union, has a 

1. 3 new international arts 
festival - the Belgian Kunsten 
Festival dss Arts. Britain, the 
most notoriously Eurosceptical 
> of SB nations, is . not 
represented. 

The festival, which runs 
throughout May, has offerings 
. 7 . from France, Germany, Italy, 
Holland, and Belgium; from 
/. China, Taiwan, Hong Kong, 
South Africa, and from the US, 
but nothing from Britain - 
' which places it in the company 
of Luxembourg, Denmark, Aus- 
tria, Spain, and Greece. What 
does this say about Britain’s 
* artistic standing in Europe? 

The emphasis of thfa first 
- Belgian festival (others are 
likely to follow in later years) 
is on progressive theatre. The 
few dance offerings consist of 
modern dance (including .a 
world premiere from Merce 
C unningham , on May 18). No 
■ ballet, no opera, no Shake- 
- speare. Is it not odd that Brus- 
sels, possibly the world’s most 
bourgeois city, should house so 
*. new-wave a festival in no less 
than 17 auditaria? Odd to a 
v ._ Brit, maybe. But “Gpater les 
bourgeois” has so long been a 


Kunsten Festival des Arts 

Alastair Macaulay welcomes an important new theatrical event 

rises through a series of statu- 


motto of much continental 
European art that one should 
hardly he surprised. Particu- 
larly In European theatre, tra- 
dition is seldom considered a 
virtue. 

Stanislas Nordey, the 28- 
year-old director of the Coan- 
pagnie Nordey, has not only 
staged Pasolini's long play 
Pylade, he also prefaces it with 
Iannis Rissos’s short soliloquy 
Chrysothemis. And he begins 
his show with the actors sit- 
ting at a table in front of the 
raised. stage, facing us, like 
speakers on a panel. 

Both Pylade and Chrysoth- 
emis are rampantly revisionist. 
They focus on characters who 
in Greek literature were never 
more than also-rans: Pylades, 
the loyal friend of Orestes, and 
Chrysothemis, the timid sister 
of Orestes and Electra. Nordey 
has the soliloquy Chrysothemis 
spoken by another of the 
panel-speakers, but, as she 
develops her monologue, she 


esque positions, until her feet 
are planted on the table. 

Pylade, which follows, gradu- 
ally opens up the whole stage 
area. This, an altogether more 
serious and political re-telling 
of legend, begins just where 
Aeschylus's Oresteia end. The 
court in which Athena has 
freed Orestes from the charges 
of the Furies was the begins 
ning of rule by law rather than 
religion; and Orestes replaced 
tyranny with the first democ- 
racy. Here - echoing or pre- 
echoing post-revolutionary 
France and Russia - there is 
intense debate about the role 
of religion and the nature of 
government Electra proves to 
be a nostalgic reactionary; 
Pylades is conservative enough 
to call for religion and a return 
to pro-civilised values. 

So far Pylade has been inter- 
esting but laboured. When 
Pylade takes his Ideals into 
wflu, the play remains highly 


symbolic, but becomes more 
fully a play; his journey 
reminds one at times of Shake - 
spearian heroes - Henry VL 
Hamlet even Lear. And it is 
now that Nordey’s direction 
starts to flower, and to reveal 
the physicality for which the 
advance blurb celebrates 

him. 

T he actress playing the 
Furies has a marvel- 
lously Incessant rest- 
less, tread an the spot, while - 
caught in a blaze of side-light- 
ing — yh* holds hw anna in a 
single huge martial gesture 
and inflames Pylade with her 
rhetoric about removing the 
barriers between high and low. 
Just as memorable is the tall 
male Athena, a figure of justice 
who becomes more bizarre, 
indeed with narh appear, 
ance, until he/she is virtually 
unrecognisable. 

Nordey's production is a long 
epic - four and a half hours - 


but despite its frequent post- 
modern self-awareness it has a 
cumulative power, and 
becomes a serious exemption 
of the ThMtre de Parole cham- 
pioned by Pasolini (“Theatre of 
Dialectic”). The title role and 
most other parts are played 
with great dignity and 
humanity. 

In utter contrast, but also 
commenting ironically an the 
legacy of the past, is Murx.„, 
from the VdQcsbOhne in Berlin, 
directed by the Swiss Chris- 
toph Marthaler. Eleven people 
sit in a huge dilapidated hall 
without communicating, like 
inmates in an institution. They 
have their fatuous routines - 
tea, cake, washing - and each 
person, though stunted in 
same way, is a highly individ- 
ual character, pathetic and 
funny. The one routine that 
t ransf orms them is singing; 
and their songs - whether folk, 
popular, or national anthems - 
are all highly German. 


Singing, these disparate Ger- 
mans suddenly co-operate, 
sometimes in elaborate har- 
mony. They are so foolish as 
individuals that it seems to be 
sheer accident that, the more 
nationalist their music, the 
more harmonious they become. 
Marthaler paces all this so well 
that the central meaning of the 
piece - the disturbing power of 
nationalism and anthems to 
galvanise people who usually 
are siBy incompetents - never 
clobbers you. Superb perfor- 
mances by all 

These two are large produc- 
tions, and have launched the 
festival impressively. There are 
other, much more intimate 
stagings. 

I will report later in May on 
further offerings of this festi- 
val It is not only patriotism 
that makes me wish some Brit- 
ish theatre was included. Yet, 
since three of the four events I 
watched in May 1-2 were so 
interesting, this Brit can only 
commend the festival’s start 
and look forward to 
more. 


The Kunsten Festival des Arts, 
Brussels, continues until 
June 5 


Opera/Richard Fairman 

The Kirov Opera 


T he energy of the Kirov 
Opera under the artistic 
directorship of Valery 
Gergiev seems to know no 
bounds. Plans for the link-up 
with the Royal Philharmonic 
Orchestra show it venturing 
beyond the concert perfor- 
mances of Russian operas that 
one thought to be its limit to 
Wagner, Mahiw an d Berlioz in 
1995. 

This year the operas of 
Rlmsky-Korsakov are the 
Kirov's focus of attention, 
although that does not mean 
any less effort and activity, hi 
June the company has the 
“White Nights’* Festival In St 
Petersburg. In July it is visit- 
ing the Mfltkeli Festival In Fin- 
land and Istanbul By late 
autumn it has reached Paris, 
where the Theatre des 
Champ s-EIysefe Is presenting 
four operas, Includin g Rjmsky- 
Korsakov’s Sadko and The Ley- 
end of the Invisible City of 
Kitezh. Do Gergiev and his 
team never tire? 

Friday's concert at the Bar- 
bican offered a foretaste of 
Kitezh. This was the second in 
the RFO/Kirov series (follow- 
ing their success with Tchai- 
kovsky's Iolanta) and 
suggested that Gergiev and the 
orchestra have framed a good 
working relationship. A suite 
from the opera featured same 
delicately atmospheric sonori- 
ties and playing so quiet that it 
could have been Simon Rattle 
holding the baton. Rumours of 
minimal rehearsal time were 
not obviously borne out. 

Just as one can expect fairies 
tripping through Mendels- 
sohn’s music, so Rimsky- 
Korsakov invariably wallows 


in the ' high romance of 
fairy-tale. Give him a stage 
direction that calls for a snow- 
storm swirling around a castle 
in a magic kingdom and 
Rlmsky-Korsakov will respond 
with mysterious divided 
strings and harps sweeping up 
and down gliss a n d os. 

That is the opening tableau 
of his one-act opera Kashehey 
the Immortal. Its story of a cap- 
tive princess rescued from the 
dutches of an ogre with super- 
natural powers Is typical Rus- 
sian folk-tale, for which the 
composer mixed a blend of his 
usual luscious orchestral col- 
ours with a distinct Wagnerian 
tint (especially the WaUt&re 
storm). This was said to be the 
first UK performance of the 
opera and Gergiev made it a 
vivid one. 

Whenever singers from the 
Kirov appear, there is one who 
makes a big impact This time 
it was Larissa Diadkova, who 
delivered the goods in no 
fashion as Kashchey- 

evna, the Kundry-like figure 
who lures knights to their 
doom on her enchanted island ; 
bar Slavic mezzo has a bite and 
force with which one would 
not like to argue. The soprano 
Marina Sbaguch sang a nicely 
wicked Lullaby as the princess 
who wishes everlasting sleep 
upon her captor. Konstantin 
Pluzhnikov was the Mime-like 
Kashehey, supported by Alex- 
ander Gergalov anil Vladimir 
Ognovenko, the baritone and 
firm bass. The London Choral 
Society doubled for the Kirov 
Chorus - an uneviable task 


Sponsored by The Regent, 
London 


La vera storia 


O n a rainy Saturday, 
Luciano Berio's opera 
La vera storia crowned 
the South Bank's festival of his 

irniglr magniffrmt ly — perhaps 

even beyond the expectations 
of the festival-planners and the 
BBC. who put this concert ver- 
sion OO- 

Premiered at La Scala in 1982 
but new to Britain, La vera sto- 
ria was here “semi-staged" by 
Tim Hopkins, as tidily as could 
be managed on a stage 
crowded with Berio's very 
large orchestra. 

Berio’s dramatic plan for Act 
1 involves only bare archetypes 
on the 19th century Italian 
model as H*pmpUflPri by the 
four principals of Verdi's E tro- 
vatore - their operatic voice- 
types, their standard roles, sen- 
timents and fraught relations 
and by his lusty crowd- 
choruses. There is no story 
(true or otherwise), just a sec- 
ond-order “story” about what 
those musical stories were hke 
and what they meant So far, 
so Italo Calvino, who indeed 
wrote the libretto. 

He and Berk) discussed ideas 
for the opera in 1977, and soon 
he supplied the words, first far 
the archetypal chorus in its 
many moods, jocularly unbut- 
toned or feral or political and 
then for the soloists, stereotyp- 
ical too but more elevated. At 
that paint Calvino apparently 
withdrew to let Berio develop 
his own plan for Act 2. It recy- 
cles *hr» music «nri most Of the 
first-act words, with some re- 
ordering and reassignment to 
different voices, for a more 
immediate drama: an urban 
nightmare of modem authori- 
tarianism, with the 1989 Milan 
scandal about the death-in-cus- 
tody of the anarchist Pinelh at 
its polemical heart 
Berio conducted the BBC 


Symphony with many extra 
players, its full-time singers, 
Its part-time chorus and vari- 
ous electronics chaps, to 
hugely assured effect In Act 1, 
which proceeds in block-like 
distinct numbers, the chorus 
chnnp tn theirs, as did the peri- 
patetic brass band. For some of 
the excellent soloists, the 
onslnnght of Berio’s exposed, 
brass-heavy orchestra 
(designed for quarantine in an 
opera-pit) was daunting but 
not for Felicity Palmer's 
“Azucena” archetype: indomi- 
tably eloquent, and superbly 
forceful in tragedy-vein. 

Still less MQva’s stentorian 
baHadxinger, intruding brass- 
ily wry, down-to-earth songs 
amid the idealised operatic 
routine of Act 1 ( vide Zerbi- 
netta in Strauss's Ariadne find 
Brecht passim ). Berio intended 
the successive ballads for vari- 
ous voices, but since MQva can 
deliver every one to perfection 
she sang them all. Between 
them, MQva and Miss P almar 
claimed Berio's most inti- 
mately characterful vocal 
lines, inspired by the accents 
of southern Itatianfolk song. 

In Act 2, where the orches- 
tral weight is more fluently 
lightened, all the other soloists 
(Sue Patchell Luisa Castellani, 
Michael Myers, David Wilson- 
Johnsou, Jeremy White and 
Peter Hall) came into their 
own, as did Berio's jazzy clari- 
net and saxophone. If the semi- 
staging left the implied action 
vague, the music rendered it 
cruel and clear - but visionary 
too. Though at the very least 
La vera storia is agit-prop of a 
high order, all its best music 
transcends that A frill staging 
at Covent Garden or the ENO 
would be an exciting prospect 

David Murray 





✓ 


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A S 




■ BERLIN 


OPERA/DANCE 
Staataopor untar den Linden 
Tonight Wed, Sat next Mon: Rend 
Jacobs conducts Fred Bemdfs 
production of Grauris Cleopatra 
eCesara, with cast headed by 
Debora Beronesl, Janet WilKams 
and Lyme Dawson: Fit Christa 
Ludwig song redtat Sun: 
Meistersingerwtth GOntervon 
Kannen. Reiner Goldberg and 
Siegfried Vogel (200 4762/2035 
4494) 

Deutsche Oper Tonight 
Waggner-Sakee. Tomorrow: Jost 
Meier’s new Dreyfus opera, staged . 
by Torsten Fischer and conducted 
by Christopher Keene, with cast 
headed by Paul Fray. Wed, Sal 
next More concert performances 
of H Pirata with Loda AHbertL Thurs 
Der ffiegende Hollander with James 
Morris and Jufla Varady. Frfc Peter 
Schaufoss’ production of Giselle. 
Sun: Alda with Julia Varady aid 
FabfoArmffiata (341 0249) 
CONCERTS 

PhRumtonie Tonight GOnterWand 
conducts Berlin Radio Symphony 


Orchestra in Bruckner's Bghth 
Symphony. Wed: Mikhail Pletnev 
conducts Berlin Symphony 
Orchestra in symphonies by 
Beethoven and Tchaikovsky, Thurs: 
Daniel Barenboim conducts Chicago 
Symphony Orchestra in Debussy, 
Strauss and Brahms. Sat Maunzio 
PoMni ptays Beethoven piano 
sonatas. Sun, next Mon, Tues and 
Wed: Pierre Boulez conducts Berlin 

- Philharmonic Orchestra and Radio 
Chorus in works by Stravinsky and 
Ravel (2548 8132) 

Schauspielltatie Tomorrow: 

Christine Edlnger violin recital. Wed: 
Balazs Kocsar conducts Hungarian 
National Phflharmonic Orchestra 

1 in works by Brahms, Dohnanyi and 
Franck. Thurs, Fit Klaus Termstedt 
conducts Berlin StaatskapeUe in 

Bruckner's Seventh Symphony (2090 
2156) 

Kontfsche Oper Thurs: Yakov 
Kreizberg conducts Orchestra of 

- -the Komtsche Oper in works by • - 
. Shostakovich and Bruckner, with 

vioQn soloist Victor Trstlakov {229 
2555) 

THEATRE 

Peter Stein gives readings from 
Goethe's Faust Part Two on Tues 
and Thurs this week at Martin 
Gropius Bau, and on Wed, Fri and 
Sun next week (2548 8132). A new 
production of the musical Funny - 
Girl opens at Metropof-Theiater on 
FM (2036 4117). Repertory at 
Deutsches Theater Includes 
Ionesco’s The Bald Prtma Donna, 
Ibsen's Peer Gynt and David 
Mamet’s Oleanna £8441225) 


■ NEW YORK. 

THEATRE- ’ 

• Passions: Stephen Sondheim's 


new musksed based on Iglno 
Tarchettfs 1869 novel about a 
woman’s unrequited love for a 
handsome young army cstfabi . 
(Plymouth, 238 West 45th St, 239 . 
6200) 

• Broken Glass: set in New York 
in 1938, Arthur MHer’s new play 

is a conpasslonate study of 
par al ysis in the face of crisis (Booth, 
222 West 45th St, 239 6200) - 

• All in the Timing: six sparkling 
short plays by David Ives add up 
to one enchanted evening (John 
Houseman, 450 West 42nd St, 239 
6200) 

• Medea: Diana Rigg gives a 
magnetic per for mance in this 
production of Euripides' tragedy, 
an Import from -London's Almeida 
Theatre directed by Jonathan Kent 
(Longacre, 220 West 48th St, 239 
6200)' 

• Three Tall Women: a moving, 
poetic play which has just wot 

Edward AJbee a Pulitzer Prize. Myra 
Carter, Marian Seides and jondan 
Baker represent three generations 
of women trying.to sort out their 
pasts (Promenade, Broadway at 
76th St, 239 6200) 

• Angels in America: Tony 
Kushner's two-part epic conjures 
a vision of America at foe edge of 
disaster. Part one is Miflenium 
Approaches, part two PerastroSca, 
played on separate evenings (Walter 
Kerr, 219 West 48th St, 239 6200) 

• Four Dogs and a Bone: John 
Patrick Shante/s satiric comedy 
about movie-making and power 
plays in Hollywood {Lucille Lortel, 
121 Christopher St, 924 8782) 

• Laughter on the 23rd Floor 
NeR Simon's 27th Broadway play, 
about a group of writers trying to 
come up with a new show, is one 


of his finest comic efforts (Richard 
Rodgers, 226 West 46th St, 307 
4100) 

• The Sisters Rosensweig: Wendy 
Wassersteln’s most successful play 
to date, a comedy with serious 
undertones about the reunion in 
London of three American Jewish 
sisters (Ethel Barrymore, 243 West 
47th St, 239 6200) 

' # ' The Rise and Fafl of Llttia Voice: 
Hynden Walch portrays a painfully 
shy woman wRh a remarkable 
singing voice in this play by Jim 
Cartwright A Steppenwotf Theatre 
Company production from Chicago 
(Ned Simon, 250 West 52nd St 307 
4100) 

• She Loves Me: foe 1963 Bock, 
Hamickand Masteraff musical is 

a delicate, unabashedly simple story 
with all foe humanity, integrity end 
charm that Broadway’s 
mega-musicals lack (Brooks 
Atkinson, 256 West 47th St, 307 
4100) 

DANCE/CONCERTS 
Metropolitan Opera American Ballet 
Theatre's Spring season runs dally 
except Sun HI June 4. This week’s 
repertory includes Kenneth 
MacMfflan’s Manon and Kevin 
McKenzie’s full-length version of 
Nutcracker (362 6000) 

State Theater New York City 
Balet's Spring season runs daily 
except Mon till June 26, with 
choreographies by Balanchine, 
Robbins, Martins and Tanner. 

MIkhafl Baryshnikov will perform 
Jerome Robbins’ A Suite of Dances 
(Bach) on May 27 and 29. The 
Diamond Project, a biennial event 
dedicated to new neoclassical 
ballefs, runs from May -18 to June 
18, featimg the work of Ulysses 
Dove, Richard Toner, Robert La 


Fosse and nine other 
choreographers (870 5570) 

Avery Fisher Hall Tomorrow: Kurt 
Masur conducts New York 
Philharmonic Orchestra In 
all-Beethoven programme, with 
piano soloist Emanuel Ax. Wed: 

Kiri te Kanawa is soloist with 
Orchestra of St Luke's. Thurs, Fri 
morning. Sat next Tues: Masur 
conducts world premiere of Paul us’ 
new double concerto, plus works 
by Strauss and Brahms (875 5030) 
JAZZ/CABARET 

Algonquin Hotel Andrea Marco vicci 
has embarked on an Inring Berlin 
tribute, mixing some rarely heard 
early pieces with classics like Cheek 
to Cheek (59 West 44th St 840 
6800) 

Ballroom Singer Michel Harmon 

and accordionist Gerard Barreaux 
are in residence this week with a 
Plat-inspired programme. No sets, 
no props, no frills - just two guys 
in black outfits making music fiios 
there's no tomorrow. Cabaret legend 
Blossom Dearie presents an early 
show at 6.30 pm on Fri and Sat 
evenings (253 West 28th St, 244 
3005) 

Carlyle Hotel The fabulous Bobby 
Short continues singing with 
astonishing precision and energy. 
Across foe haK In Bemelmans Bar, 
Barbara Carroll presides at the piano 
(Madison Ave at 76th St, 744 160Q 


■ PARIS 

DANCE/OPERA 
Palais Gamier Ballet de I'Opera 
de Paris has Rudolf NureyeVs 1992 
staging of La Bayadere, daily except 
Sun and Mon till May 28. The 
production is revived at foe Bastille 
at the end of June (4742 5371) 


Opera BasUfle A new production 
of Tosca, conducted by Spiros 
Argiris and staged by Werner 
Schroeter, runs til June 17 with 
changing casts inducting Carol 
Vaness, Ptaddo Domingo and 
Sergei Lefferkus. Lady Macbeth 
of Mtsensk Is revived next Tues 
(4473 1300) 

Optra Coririque Don PasquaJe runs 
tilt June 4 with a cast headed by 
Gabriel Bacquler and Leontina 
Vaduva. "This week’s performances 
are tonight and Thurs (4286 8883) 
CONCERTS 

Theatre des Champs- E!ys4es 
Tonight Francois-Rend Duchable 
piano recital. Tomorrow: Ctaudo 
Sdmone cfirects I Sollsti Veneti in 
a Vivaldi programme, with flute 
soloist Jean-Plerre Ram pal. Thurs: 
tore Brubeck Quartet Sun morning: 
Misha Dichter piano recital (4952 
5050) 

Egtise Saint-Eustache Tonight 
Cyra Diederich conducts Orchestra 
Colonne In works by Wagner, 
Poulenc and FaunS, with vocal 
soloists (4233 7289). Thure: John 
Poole conducts Groups Vocal de 
France in choral works by Elgar, 
Holst, Howells, Britten and Jean 
Guaiou (4027 0880) 

Salle Pteyel Tomorrow: Murray 
Perahia piano recttaL Wed, Thurs: 
Semyon 3yehkov conducts 
Orchestra de Pals in works by 
Schubert/Berto and Mahler, with 
vocal soloists Marjana Upovsek 
and Gary Lakes (4561 0630) 
JAZZ/CABARET 

Memphis blues singer Ann Peebles 
Is in residence for foe next two 
weeks at Lionel Hampton Jazz Club. 
Music from 10.30 pm to 2 am (Hotel 
Meridian Paris Etoile, 81 Boufevard 
Gouvfon St Cyr, tel 4068 3042) 


ARTS GUIDE 

Monday: Berfln, New York end 
Paris. 

Tuesday; Austria, Belgium, 
Netherlands, Switzerland. Chi- 
cago, Washington. 
Wednesday: France, Ger- 
many, Scandinavia. 

Thursday: Italy, Spain, 'Athens, 
London, Prague. 

Friday: Exhibitions Guide. 

European Cable and 
Satellite Business TV 
(Central European Time) 
MONDAY TO FRIDAY 
NBG/Super Channel: FT Busi- 
ness Today 1330; FT Business 
Tonight 1730, 2230 

MONDAY 

NBC/Soper Channel: FT 
Reports 1230. 

TUESDAY 

Eurenews: FT Reports 0745, 
1315, 1545, 1815, 2345 

WEDNESDAY 

NBC/Super Channel: FT 
Reports 1230 

FRIDAY 

NBC/Super Channel: FT 
Reports 1230 

Sky News: FT Reports 0230. 
2030 

SUNDAY 

NBC/Super Channel; FT 
Reports 2230 

Sky News: FT Reports 0430, 

1730; 





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12 


FINANCIAL TIMES MONDAY MAY 16 IQDd 


Market v state 
in education 


A merican parents are 
voting with their chil- 
dren's (bet. Despairing 
at the quality of pub- 
lic (government-run) schools 
and either unable or unwilling 
to pay for private tuition. 
many now prefer to teach their 
children at home. Nearly 
500,000 childr en - 1 per cent Of 
the school-age population - are 
taught at the kitchen table 
compared with only about 
15,000 in the early 1980s. 

The “home-schooling” fad in 

the US is an extreme example 
of a global trend: parents In 
most industrial countries are 
demanding a greater say in 
how their children are edu- 
cated. In the past only a minor- 
ity of wealthy parents actively 
sought the best schools (often 
private) for their children. 
Most families were passive con- 
sumers of education, allowing 
local educational authorities or 
school districts to assign their 
children to a school, usually 
the nearest. On matters of cur- 
riculum, teaching methods, 
discipline and so forth, parents 
typically deferred to the supe- 
rior wisdom of educational 
"experts." 

This age of educational def- 
erence is now passing, as 
Schools: a Matter of Choice, a 
report by Mr Donald Hirsch of 
the Paris-based Organisation 
for Economic Development and 
Co-operation makes abun- 
dantly clear. He examines six 
countries - the US, England, 
Sweden, the Netherlands, Aus- 
tralia and New Zealand - and 
finds that, to different degrees, 
all are experimenting with pol- 
icies to expand parental choice, 
enhance the range of educa- 
tional options and devolve' 
power to school principals. 

Some countries - such as 
Sweden - have increased 
choice by offering substantial 
subsidies (85 per cent of the 
cost or education in the public 
system) to parents who select 
private schools. Others, such 
as England, have opted to 
expand choice within the pub- 
lic sector by allowing open 
enrolment and through finan- 
cial rules allowing money to 
follow pupils. In the US, school 
districts have widened parents' 
options by supply-side mea- 
sures: the deliberate creation 
of “magnet" schools - schools 
that offer specialised education 
by concentrating on, say, sd- 



MICHAEL PftOWSE 

on 

AMERICA 


ence or the performing arts. 

Teachers will find much to 
admire in Mr Hirsch 's report, 
which exploits the OECD’s 
unique ability to make 
cross-country comparisons. He 
illustrates the global pressure 
for greater choice with 16 "case 
studies” that describe reforms 
on the ground in cities as 
diverse as Haarlem in the 
Netherlands. Whangarei in 
New Zealand and Milwaukee in 
the US. And he seasons the 
factual analysis with a 
thoughtful commentary on the 
theory behind greater competi- 
tion in education. 

To my mind, however, the 
tone of the report is disturb- 
ingly collectivist He argues 
that parental choice may not 
lead to greater educational plu- 
ralism because schools “may 
compete to deliver the same 
thing". He claims that research 
cannot demonstrate that 
choice raises educational qual- 
ity because the effects of other 
relevant differences between 
schools cannot be separated 
out (cm this criterion no eco- 
nomic research would reach a 
conclusion). And he gives cre- 
dence to educationalists' 
self-serving claims that paren- 
tal choice can inhibit their 
ability to set priorities. In typi- 
cally wishy-washy OECD style, 
he concludes it is beyond the 
report’s scope to decide 
“whether greater choice of 
school Is a good or a bad 
thing " 

Well, this reader can decide. 
Greater choice of school is 
indisputably a good thing. To 
bring home the absurdity of 
the traditional restrictions, 
imaging that the same policies 
were adopted for other educa- 
tional media such as books. 

Suppose, with the exception 
of a small “private" sector for 
the rich, all books were pro- 


duced by teams of government 
employees and supplied free of 
charge to grateful families. By 
analogy with public schooling 
suppose further that each fam- 
ily was allocated only the 
books produced by bureaucrats 
in Its local “book authority" or 
“book district". Under such a 
system books would surely be 
of uniformly low quality, 
although the bindings might 
be fender in richer areas. 

Now imagine that a bold 
educational reform is proposed: 
book choice. Instead of being 
forced to read the books pro- 
duced by their local book 
authority, families can choose 
books from any book author- 
ity. Moreover, since reformers 
also stipulate that “money fol- 
lows books”, the revenue 
earned by each book authority 
now depends on the number of 
books it “sens". 

Families win obviously bene- 
fit from this expansion of 
choice (which corresponds 
roughly to the enhanced choice 
of school now allowed in 
England.) But sceptics such as 
Mr Hirsch may well riflim that 
it cannot be proved statisti- 
cally that average book quality 
has risen. They wifi, worry that 
middle-class famiHow are tak- 
ing more advantage of the 
increased choice than poor 
families. And they may com- 
plain that since all the book 
authorities are competing to 
provide the same types of 
books, the extension of choice 
is illusory. 

In a sense the objections are 
valid. Since with the exception 
of the small private sector all 
books would- still be produced 
by teams of government 
employees, the range of choice 
would be limited. Yet we all 
know the solution: liberalise 
the book market completely. 
Let anybody write a book. Let 
book sales be determined by 
public rigmanri- if some poor 
families cannot afford books, 
then give them book vouchers 
or cash subsidies. Do not mak e 
the mistake of thinking that 
since everybody ought to read 
books, the government should 
seize control of 96 per cant of 
hook production. 

I do not claim there is an 
exact analogy between books 
and schools as educational 
vehicles, but it is close enough 
to demolish arguments against 
greater choice in education. 


L loyd’s of London is 
going through what its 
Iconoclastic deputy 
chairman, Mr Robert 
Hiscox, refers to as its annual 
“mid-year wobble”. 

For the fourth spring in suc- 
cession the insurance market's 
future has been brought into 
question by the prospect of 
another devastating loss for 
hard-pressed Names, the indi- 
viduals whose personal assets 
have traditionally supported 
the market. The forecast ££L5bn 
loss for 1991, which Lloyd's 
will report tomorrow in line 
with its system of reporting 
three years in arrears, would 
bring the cumulative loss since 
1988 to more than £8bn. 

The 1991 loss is substantially 
greater than predicted by 
Lloyd's last year and is the lat- 
est in a number of blows to hit 
the market in the past six 
months winch together make 
Mr Hiscox’s “wobble" sound 
like an understatement: 

• In February, Names seeking 
compensation for losses of 
some £3bn rejected an out-of- 
court settlement worth £90Qm 
which had been negotiated 
under Lloyd’s auspices. Their 
decision set the scene for a suc- 
cession of court cases. The first 
and biggest of the current 
round is befog fought by 3,095 
Names belonging to Gooda 
Walker syndicates, one of the 
worst performing business at 
Lloyd’s in the late 1980s. 

• Two separate reports have 
suggested that Lloyd’s expo- 
sure to multi-billion-dollar 
asbestos and pollution claims 

in the US will far exceed the 
Insurance market’s reserves. 
The latest report, published 
last month by US lawyer Mr 
Randolph Fields, indicated the 
market faced a shortfall of at 
least mbn, although the cost 
would be spread over many 
years. It also suggested that 
plans to form, a reinsurance 
company into which Lloyd’s 
flimft to transfer most of these 
historic liabilities would be 
frustrated by difficulties in 
finding sufficient capital for its 
launch. 

• Critics have recently 
claimed that the 1991 loss may 
impair Lloyd's ability to pass 
the “solvency" test set by the 
Department of Trade and 
Industry wanh August in which 
the assets of Names are 
matched against outstanding 

liabilities. 

If Names are found to have 
liabilities exceeding their 
assets, Lloyd’s has to earmark 
money from its £lbn Central 
Fund, which meets claims 
when Names are unable to ful- 
fil their obligations. But last 
month Lloyd’s annual report 
showed that more than two- 


Quite simply the Royal Oak. 



m 

iUDEMARS PlGUET 


The master watchmaker. 


Fw irtnmutejn and ciuloquc. pk-ust- write icr. 
Auifcimw Hitiurt SGc.1A.. 13^ n- Bhmus, SwitzcrLuid. 
Td. HI 21 SH 49 31 Rix > 121915*2 14 


With Lloyd’s due to unveil further losses tomorrow, 
Richard Lapper examines the market’s prospects 


Another plunge 
into the red 


system of "risk weighting- 
which would link the anum 
of capital required by a syn* 
cate manager to the 


Lloyd’s of London; a Name h» pain 

Members 


Bx> Pre-tax profit/loss too 
in - ‘ as - 


Ebn Total gross capacity 
“ 12 “ 



Q5-| 

0 

-05- 

-.to- 
-t.s - 
- 2. 0 “ 
■4L5- 


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ExpccSad to t 
produce profits I" 30 




U-i - 


25-' 


20 - 


1S -i 


io; 

5- 




Includes 
95 capcrate 
.( — r mantes 


10- 


8“ 


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• A toss of baaman CSMta and El bn 


thirds of its fond was already 
set aside for such purposes, 
raising the spectre of the mar- 
ket having to call for even 
more money from Names to 
replenish the fond. 

The setbacks appear marked 
since they follow a period of 
optimism over the winter. Fol- 
lowing management changes 
over the past two years, 
Lloyd’s was able to persuade 
the City to provide £800m of 
limited-liability corporate capi- 
tal - for the first time in its 
309-year history. That success, 
however, has persuaded many 
of Lloyd's top managers that 
the latest gloom is being over- 
done. “It is so easy to attack 
us. So easy to wound Che great 
elephant,” says Mr Hiscox, 
Lloyd's is confident its 
to form the reinsurance com- 
pany will be implemented: 
some underwriters acknowl- 
edge in private that many US 
pollution claims will be settled 
at less than their frill face 
value, so avoiding legal costs 
for both sides. Negotiations 
may reduce some pay-outs to 
as little as five cents in the 
dollar - particularly if policy 
holders decide Lloyd’s difficul- 
ties mean, that is the best they 
can realistically expect 
Mr Peter Middleton, Lloyd's 
chief executive, Is also optimis- 
tic that negotiations might re- 


open between Names and 
agents over possible out-of- 
court settlements later this 
year. Above all Lloyd's is confi- 
dent that it can survive its 
more immediate pressures on 
solvency by stepping up efforts 
to collect debts from Names 
and by borrowing against prof- 
its expected In 1994. 

Insurance rates increased 
sharply In 1993 and Lloyd's 


The 1991 loss is 
the latest in a 
number of blows 
to hit Lloyd’s 
this year 


believes both that year and 
this year will be profitable. 
Last year Names were allowed 
to borrow against their proj- 
ected 1993 profits to meet part 
of their liabilities. Last week 
Lloyd’s announced these 
“exceptional measures” would 
also apply in 1994. 

Lloyd's is also moving to 
soften the impact of the 1991 
losses by eliminating so-called 
“double counting”. This hap- 
pens when Names that have 
made losses in turn f-blm on 
their “stop loss” policies 
(which provide cover for losses 
over pre-set limits), “errors and 


omissions" policies (which give 
cover if agents are successfully 
sued for negligence) or "estate 
protection policies” (which 
cover the losses of deceased 
Names). 

Even so the 1991 loss is 
expected to force many Names 
out of the market Members' 
agents, who allocate Names to 
syndicates, forecast the capac- 
ity (the amount of business 
that can be underwritten) 
available from Names - as 
opposed to the new corporate 
members - will fall sharply in 
1995, possibly to about £7.5bn 
compared to the current 
£9^bn 

Though corporate investors 
could make up part of the 
shortfall, most observers 
believe that the total amount 
of capital will decline next 
year. “There just isn’t the insti- 
tutional demand out there at 
present,” notes one agency 
chief executive. 

At the same time, reforms 
planned by Lloyd's could 
aggravate the market’s difficul- 
ties over the next year or two. 
Changes to Lloyd's rulebook 
could mean many syndicates 
have to seek more capital sim- 
ply to underwrite the same 
amount of business. Earlier 
this month the Lloyd’s council 
indicated that during 1995 and 
1996 it intended to introduce a 


LETTERS TO THE EDITOR 


Number One Southwark Bridge, London SEI 9HL 

Fax 071 873 5938. Letters transmitted should be clearly typed and not band written- Please set fax for finest resolution 


Marketing power of electronic cash cards 


Ffom Mr Giles Keating and Mr 
Sean Shepley. 

Sir, You report (“EU curbs 
urged on cash card issuers”, 
May 11} that the European 
Monetary Institute recom- 
mends legislation to give 
banks a monopoly in the issu- 
ance of electronic cards used 
as a substitute for cash. At 
first sight this seems appropri- 
ate. These are prepaid cards so 
the issuers, like banks, will 
hold deposits from the general 
public. This suggests they 
should be supervised in the 
same way as banks. But it is 
essential that new entrants be 
encouraged, to create competi- 
tion and speed up innovation. 


However, much bigger issues 
are at stake. Electronic cash 
cards will, within a few years, 
offer Issuers immense power 
over information about spend- 
ing patterns of different types 
of consumer. This information 
will be highly valuable in mar- 
keting and in product develop- 
ment Who will own it? 

'Hie cards may also in future 
allow currently unheard-of 
opportunities to boost profits 
by discriminating among dif- 
ferent groups of consumers, for 
example by offering discounts 
for customer loyalty, or lower 
prices to people on low-in- 
comes. Who will control access 
to the necessary data? 


Even more intriguing, as 
electronic transactions become 
almost universal, the technical 
question of Internationa] com- 
patibility of cash cards will 
become an issue of sover- 
eignty. If the pound remains 
outside the single currency, 
will the British government 
allow residents, as well as visi- 
tors, to use cards loaded with 
Ecus in stores throughout the 
UK? WlQ French residents be 
able to use cards loaded with 
US dollars everywhere in 
Paris? If yes, smaller curren- 
cies, at least if they have any 
hint of instability, will rapidly 
disappear almost completely. 
This is currency competition, 


as envisaged by the UK’s Trea- 
sury in its response to the 
Defers report, something that 
was impractical in the old days- 
of notes and coins. Govern- 
ments will be tempted to pre- 
vent this by keeping their 
retail systems incompatible 
with others, a type of eleo ' 
Ironic protectionism. 

The EMTs apparently innoc- 
uous recommendation has. 
far-reaching commercial ant 
political Implications. It should' 
be be subject of the widest pos- 
sible debate. 

Giles Keating, 

Sean Shepley, 

CS First Boston, 

One Cabot Square. London Eli 


Unworthy view of Labour 
position on Europe 


From Ms Joyce Quin MP. 

Your negative editorial 
“Labour after John Smith” 
(May 13) Is unworthy of a seri- 
ous newspaper. Your question, 
“Who can say today where 
Labour stands on any impor- 
tant aspect of the development 
of the European Union”, shows 
also an arrogant ignorance. At 
its conference last year Labour 
adopted a detailed statement 
on Europe, Prosperity through 
Co-operation. Subsequently, 
Labour’s Treasury team made 
a detailed submission to the 
Defers consultation entitled 
Economic Renewal in Europe. 


There have also been papers 
produced on European employ- 
ment and environment policies 
and in many other areas. The 
European dimension is now 
folly built into the range of our 
domestic policies. 

I find it deeply depressing 
that a serious political com- 
mentator can dismiss this evi- 
dence so lightly or, even worse, 
can apparently remain in total 
ignorance of ft. 

Joyce Quin, 

Labour frontbench spokesperson 
on European Affairs, 

House of Commons, 

London SWl 


Swedish stock futures already 
a significant market 


From Mr David Courtney. 

Sir, I read with some interest 
of the Sydney Futures 
Exchange's plans to launch 
individual stock futures on 
May 16 (“Sydney to trade share 
futures". May 12), but was 
rather dismayed that the exist- 
ing market for Swedish stock 
futures was not given the 
credit it deserves. 

Stock futures have been 
listed on both OMLX, the Lon- 
don Securities and Derivatives 
Exchange and OM Stockholm 
for several years. At present, a 
total of 23 Swedish companies 
has stock futures available on 
them and it is our intention to 
launch further contracts in due 
course. As such, this can 
hardly be described as a 
“handful”. 


I would also like to point out 
that volumes are rising at an 
exponential rate. The year-oa- 
year increase to the end of 
April was some 238 per cent 
with almost 90,000 contracts 
traded. 

1 would also like to point out 
that, with a total volume of 
23Jfcn contracts, the total vol- 
ume of Swedish derivatives 
traded last year exceeded that 
of the Sydney Futures 
Exchange by 1.75m contracts, 
thus making it a significant 
market in outright and com- 
parative terms. 

David Courtney, 
tmdxting director, 

OMLX, The London Securities 
and Derivatives Exchange, 

107 Cannon Street 
London BON SAD 


Inflating its ego again 


Pram Mr Bob Edwards. 

Sir, Diane Summers reports 
“Saatchi raps ‘sloppy* advertis- 
ing industry” (May 11). in par- 
ticular the blindness and mis- 
conception of most global 
advertising campaigns. This 
would be valued criticism were 
it not for the fact that Saatchi 
and Rflflfrrhf was itself the arch 
proponent of the global “one 
brand one campaign” move- 
ment throughout the 1980s. If 
Maurice Saatchi realty wants 
to speak in “simple universally 
recognised truths”, he could 
start by acknowledging this 
error of judgment 

Another part of his speech 
suggests that advertisers seek- 
ing these truths may yet be 
hard pushed to discover them. 
Mr Saatchi bemoans the fact 
that advertising is no longer 
seen as “part of that virtuous 
circle, in which the gift that 
advertising bestows - a pre- 
mium price - is asked to pro- 
vide foods to re-invest in supe- 


rior product quality, innova- 
tion, product development 
This is the advertising indos- . 
try mflatmg its ego Tbs 
truth is advertising should, 
reflect company philosophy, 
not be a substitute for it For 
example, financial services 
spent nearly £lbn on advertis- 
ing over five years to the 19*s-_ 
These advertisers and that 
agencies conspired to substi- 
tute “sexy” advertising for 
basic improvements in service, 
clarity and value. They faQeo. 
Belatedly, financial Institu- 
tions are looking to their prod- 
uct and their service first 
Advertising is simply a com- 
munication tool (often a blunt 
one at that) and one of a M® - 
per available to advertisers. 
The sooner the jndustryrecojf- ■ 
nises that the better. 

Bob Edwards* - 

Edwards Martin Thornto 

Advertising, 

17 Bedford Square, 

London WClB 3JA 



instance, syndicates undgrarH- 
ing motor business would need 


catastrophe reinsurance more* 

The consequence- of the scsn 

city of capital is Ukely to be a 
more rapid restructuring of % 
market. The number of syndi- 
cates has already fallen from 
401 in 1990 to 179 this year and 
further rationalisation seems 
Inevitable. The main casu altie s 
are expected to be the smaller 
and less successful syndicates 
and agents. 


A lready there are toft, 
cations that' larger 
m a nagin g agents an 
using their greater 
Influence to secure as much 
capital as possible for their 
own syndicates - at the 
expense of smaller operators. 
The restructuring is.not just , 
about the number of syxuh. 
cases and agents operating at 
Lloyds; it Is also about the way 
the market works and how it 
raises capital. Many large 
agents, who have been among 
the quickest to introduce new 
technology and improve their 
management standards, are 
now seeking closer Unks ^fth 
corporate Investors.- - 
Some agents are moving 
towards setting op “dedicated” 
investment funds which will 
channel capital into just one 
agent’s businesses rather than, 
as now, a spread of different 
agents and syndicates.. By- 
doing so, they are creating a 
framework for embryonic 
“insurance companies" operat- 
ing within Lloyd’s rules but. 
with greater long-term stability 
than existing syndicates. 

“Mr Middleton and Mr Bow- . 
land [Lloyd's chairman] have, 
unleashed a process of change 
which Is accelerating like a 
turbocharger says one lead- 
ing underwriter. 

Mr George Stevens, manag- 
ing director of Brockbank, one 
of the biggest agents at ■ 
Lloyd's, predicts that the mar - . 
ket will be dominated by 
between six and lO corporate 
syndicates before the end at - 
the century. 

Such upheavals may ensure 
the long-term survival of 
Lloyd’s and its businesses, not- 
withstanding the latest “wob- 
ble”. But the market that 
emerges when 1993’s expected 
profits are reported In two 
years, will be radically differ- 
ent from tiie one that slid Into 
loss in 1988* Names, trading on 
the traditional basis of uxdiin- ' 
feed liability* are likely to play 
an increasingly marginal rote . 





4: 






L". 


Npetitioi 

frpetitivc 


-L 


W.".. 

? ' • • 






PS,*" 


.• L- 




v. ><*;. 


IS 


f£ 




Figures not so different 


From Mr E N Lindop, 

Sir, David Goodharfs article, 
“Pay deals analyses differ cm 
growth" (May 9), makes much 
of the “differing analyses" of 
trends in pay settlements 
recently published by Incomes 
Data Services and Industrial 
Relations Services. 

A closer look at the two sets 
of data would have revealed a 
crucial difference - namely, 
that they cover different time 
periods. 

While the IRS figures cover 


the three m onths to March, fo® 
IDS analysis focuses particj’ 
larly on settlements in Ajjnj* 
one of the key months for iw 
reviews. • 

When data is available » 
the same time period ft®® 
both organisations, we have ® 
tie doubt that the results efo 
show a similar picture. 

E N Ltodop, 
director. 

Incomes Data Services, 

193 St John Street, 

London ECJV4LS 








V 






f$: 


$&■ 

■ 









MONDAY May lfi TQQ/t 


FINANCIAL LIMES 

, J ::5SSJmarS£SBKS“s 

Monday May 16 1994 


Uncle Sam, 
salesman 


A salesma n who won two separate 
orders totalling JlObn from the 
same customer in three months 
would normally deserve congratu- 
lations and a hefty bonus. But 
when the salesman is the US gov- 
ernm ent a cting on behalf of pri- 
vate companies and the raitfrnnur 
a foreign sovereign state, it 
becomes instead a subject of seri- 
ous global concern. Such 
Jeopardise the stability of the mul- 
tilateral . trading system and 
threaten the economic and politi- 
cal interests of the US, as well as 
of other countries. 

That, unfortunately, is not the 
view in Washington. Baths:, the 
Clinton administration is tinning 
its rote in drndring the sales of 
Boeing aircraft and AT&T tele- 
communications equipment to 
Saudi Arabia this year as the first 
fruits of an aggressive govern- 
ment-backed export drive. Indeed, 
this early success, which builds 
upon the use of such tactics in the 
sate of military h ar dw a re, is being 
seized upon, as vindication for a 
broader policy of gover n ment sop- 
port for industry. This includes 
sharply increased subsidies for 
commercial research and develop- 


mu 




Inevitably, other bidders for 
Saudi contracts have cried foul. 
The US response has not been con- 
vtnring. If, as it insists, political 
arm-twisting did not secure the 
AT&T deal, why did Mr Ron 
Brown, the US Commerce secre- 
tary, need to intervene in the 
negotiations? Given that Saudi 
Arabia is a US diant state which, 
depends heavily on an American 
defence umbrella, Washington’s 
protestations look thin. 

Official meddling 
It is Illogical for the administra- 
tion to foil back on the assertion 
that it is only doing what other 
countries have long done. The 
argument is jrannstetoni: with the 
long-running US complaint *w»t- 
official meddling prevents free 
competition on Japanese markets. 
Exactly the same charge he 
levelled at the way the recent 
Saudi contracts were awarded- - » 
Washington is an firmer ground 
in potwthig out that many Euro- 
pean governments, notably France 
and Britain, have long peddled 
high-level political influence to 
secure orders for national export- 
ers, while Japan has achieved the 
mm goal in developing ra w i m r i es 


through tied-aid policies. Nonethe- 
less, the foot that foe US is in 
some respects a recent sinner does 
not mean it is a justified one. 
Though government gai^gwymaw p 
mgy bring short-term game . it Is 
bad for everyone in the longer 
term. Customers get a poor deal, 
because their choice is not based 
on the quality and price of what 
they buy. Exporters are damaged 
b y bei ng encouraged to carry 
favour with, bureaucrats, rather 
than meet customers' needs. 

Unhealthy collusion 

Governments suffer, both 1 
because excessively enthusiastic 
championing of exports «"* breed 
unhealthy collusion with private 
companies, and. because their own 
integrity and judgement can be 
com p romised. Witness the British 
government’s recent embarrass- 
ment over the Malaysian Fergau 
dam affair. Furthermore, foe prac- 
tice unfairly penalises 
from countries whose govern- 
ments have limfteH resources and 

TTriwrrtflHnnnl f ^fj nt 

In reality, aggressive export pro- 
motion is the obverse of trade pro- 
tection. It similar ly distorts mar- 
kets. impairs efficiency and 
invites a spiral of beggar-my- 
nelghbonr escalation. Snmp Euro- 
pean Union governments may, 
indeed, urge a competitive 
response to foe US. That tempta- 
tion, needs to be resisted. 

Instead, foe EU should seek 
talks with foe US and Japan 
aimed at rev er sing the prolifera- 
tion of government-sponsored 
export drives. One aim should be 
to s tr engthen the controls on sub- 
sidised export credits negotiated 
in foe Organisation for Economic 
Co-operation and Development 
and to provide for stiff aeration* 
against offenders, preferably by 
tiring frn g the whole area under the 
new World Trade Organisation^ 

In edifoi on . tougher interna- 
tional rules are needed to prohibit 
tied aid and limit covert p olitica l 
inta-ventiou in export contracts. 
That latter goal may prov e dffD- 
cntt-to achieve. But it can be fiwfl- 
■ttidted-by encouraging foe- privati- 
sation of purchasing hiHHm 

fllwtnn nilmlnhil ration nfflriah 

say they would be prepared to 
scale down, or even eliminate, 
their export promotion efforts if 
other governments did the same. 
The EU should put those professed 
good intentions to the test. 


Gompetition and 
competitiveness 


. - Government exhortations to 
n British companies to raise foe 
level of foeir performance in 
worid markets are welcome, as are 
intelligent government actions - to 
facilitate foe private sector’s 
efforts. No doubt Mr Michael 
/. Heseltine’s white papa* an com- 
petifiveoeas. -delayed as a mark of 
respect to the late Mr John Smith, 
will be a virtuoso performance in 
tins regards However, it win not 
obscure anundesirahle by-product 
• - ’ of foe campaign- namely, a rdax- 
ation in competition policy. 

One .symptom is tire increas- 
tagly btisser faire approach to the 
*•?"“ investigation trf anti-competitive 
practices by foe Monopolies and 
• Mergers Commission. The MMC 
has found no threat to foe public 
interertin-reports on foe supply 
of motor .'Cars,- perfumes and 
fceexeam. Id each case, these bad 
beat alleged abases of power by 
dominant ^suppliers, with new 
entrants complaining of harriers 
to entry.:. Yet the MMC has 
: appeared unwQfing to challenge 
anfo anti-competitive practices. 

- For example, the MMC rejected a 
' complaint ’from Mare, a recant 
' e nt r ant to- the ice-cream market, 
' about exclusive freezer cabinets. 

■ The MMC-was unconvinced, even 
.* though Write has nearly two- 
thirds of the market 

According to a report in today's 
FT, decisions such, as these have 
alarmed foe Office of Fair Trad- 
ing. Under Sr Bryan Carsberg, the 
former telecoms regulator, the 
QET bus taken a strongly consum- 
wist approach to competition 
issues. Sir Bryan gives foe impres- 
sion of betievtng that anticompeti- 
tive practices should be removed 
unless it can be shown that they 
- benefit the consumer. He wishes 
to attack vertical barriers to com- 
,.>• Petition such as agreements that 

, *** Kttftexs to matmftic b irm. 

Consumer interests 

In contrast, foe chairman cf foe 
. MMC is Mr Graeme Odgras, a for- 
’ mer businessman. Bfe prints out 
wat there is no shortage of compe- 
tition W tfMn fha mdiiBtrfey fort 
• have been investigated. His view 
la that it needs to be shown that 


their investment, innovation and 
enterprise. However, there is a 
fine line between legitimate 
reward s for investment and seek- 
ing to exclude competitors - and 
practices such as exdusive freezer 
cabinets snmdr uncomfortably of 
foe latter. 

The actions of the Department 
of Trade and Industry reinforce 
the impression that competition 
matters less these days. Early in 
Sir Bryan’s term of office, Mr 
Heseltine overrode him an two 
references to the MMC. The first, a 
merger of two infra-red defence 
components businesses, was a rri- 
atively unimp ortant case. But the 
second, less than two weeks later, 
earned a bigger stir. Mr H eseK toe 
decided not to refer foe hostile bid 
by Airtoura for Owners Abroad, 
aTthw ngh it would have created a 
situation in which two companies 
controlled two-thirds of package 
tour sales. 

. Further intervention 
. This year has seen a farther i 
Intervention by Mir Heseltine over 
the Arran bus case. The OFT was 
investigating rfrtma that a com- 
pany with a fleet of two buses was 
a t temp ting to drive a much larger 
competitor off the island of Anan 
by running services at a loss. Mr 
T fesel tfra instructed Sir Bryan to 
call off foe enquiry as the size of 
the case did not justify tire costs 
and burden. Whether this was 
true is debatable: with the market 
worth ahnost £300,000 a year, the 
investigation could have been 
cost-effective. In any case, most 
bus competition cases involve 
small local markets where estab- 
lished operators attempt to drive 
off new entrants, often by preda- 
tory pricing. The decision 
appeared to legitimise such prac- 


Many businesses would wel- 
come a relaxation in competition 
policy because it confers freedom 
to profit richly if not faiiiy in foe 
UK market, enabling a company 
to tafca bigger risk s ov erseas. But 
the idea that the UK can bufld 


I n the past three smiths the 
west’s view of Russian reform 
has undergone a s i gnificant 
evolution. 

From the panicky state- 
ments about a “reactionary turn in 
the economy - to the forecasts of a 
burst of hyperinflation which pre- 
vailed in January, foe world’s 
media has begun to offer a more 
considered and objective view. And 
though at tb» beginning of foe year 
same ultra-radicals, including some 
of our own in Russia, called on the 
west not to give a cent to the “red 
directors" who had taken control of 
the Russian g n v w mnwnt, tiie inter- 
national Monetary Fund stm took 
the symbolic decision to assign to 
Moscow foe second tranche of a 
$3hn loan in evebang p far commit- 
ments to market reform. 

What happened in these first 10 
-12 weeks of this year to justify the 
IMF’s decision? There was no great 
turnover of ministers in the Rus- 
sian. government. The economic 
reform programme, adopted in 
August 1393, (fid not change. Most 
significantly, events themselves 
have refuted foe unscrupulous alle- 
gation that our course would 
change, an allegation that pro- 
ceeded simply from the political 
ambitions of those who -mad* it 
The continuation of reform, finan- 
cial stabilisation and s t ru c tu ral 
changB r emain the core of Russia’s 
econom i c policy. The economic evi- 
dence of foe first three months of 
this year attest to th at Between 
February and April, the monthly 
rate of inflation fell to 10 per cent. 
We do not expect the picture to 
change in- May. In the planned 1994 
budget, the deficit is pegged at 9 per 
cent of gross domestic product By 
observing these parameters, we will 
see Inflation lowered to a monthly 
rate of 7-8 per cent by the end of the 
year. 

To achieve this goal we must 
adopt the most resolute measures 
aimed at Hrn H i-ng the budget 
and tiie atwiggiAn of credits. In par- 
ticular, W8 trmlr a tfiffir-riH- iW-fatori 

to increase state revalues by chang- 
ing a range of previously-fixed 
taros, customs and wrriiw diiHae 
And we did that a gainst the back- 
drop of a 25 per cent fall in produc- 
tion in the first quarter of this year 
compared to the corresponding' 
period in 1998. At the same time we 
continued to carry out a tight mone- 
tary policy to which the central 
batik interest rate - significantly 

higher than iha Inflation ^ fn fo g 

past few months - bears witness. 

It te vitally i mportant that every 
member of the Russian g o ve r n ment 
fully understands that a strong rou- 
ble is tire indispensable fxyid ftimi 
far the revival of foe Russian econ- 
omy, and the Baarian stats as a 
whole. Naturally, as elsewhere in 
the world, ministers will lobby for 
more resources. However as every 
member of the Russian go ver n m ent 
knows, the important thing , is not 
foe amount of money they receive; 
rather it te that the money they get 
should have a real and lasting 
worth. It is counter-productive to 
have a currency which in one 
month along loses about a quarter 
of its value. Such has been the fate 
of the rouble. 

Our common task is thus dear: to 
pngn rp that Russian raflron« should 
know that everything their govern- 
ment does is directed towards pro- 
tecting the purchasing power of the 
rouble, so that with these roubles 
Rn ffaan rftfranR will be welcomed 
anywhere in the world. 

The question naturally arises as 
to why we do not Introduce an even 
tougher financial policy and limit 
even more tightly budgetary expen- 
diture so as to bring down inflation 
more rapidly. We are told by critics 
that in other countries, in eastern 
Europe and the Baltics for instance, 
the authorities have managed to 
achieve financial stabilisation more 
quickly. And when we insist, in 
defence, that Russia is fundamen- 
tally different from these countries, 
our critics retort that all countries 
are different but that economic laws 
work tn the same way everywhere. 

Poring the question in tins way 
reveals an inadequate understand- 
ing of the specifics of the R ussian 
situa tion- la 2 amaii -gfa tp the gov- 
ernment can follow what happens 
in every large enterprise and, where 
needed, take urgent action: in Rus- 
sia, however, the geography of the 
country significantly reduces such a 

possibility. 


the consumer before the MMC 
interferes in an industry. -He says 
that companies that have 
achieved competitive advantage 
should be allowed to p ro fit from 


protecting them in the home mar- 
ket is a chimera. Companies that 
have grown flabby in the UK 
because they have not fflk threat- 
ened by competitors breathing 
down their necks are unlikely to 
succeed in the more demanding 
worid of global markets. 


Snub or 
oversight? 

■ China has put a farther stamp 

On itl 1 iwip pavitaiff tah M v w nf the 
colony, by starting to issue its own 
banknotes with pretty pictures 
of Bong Kong. However, the now 
notes have a glaring defect 
The Bank of China’s view of Hang 
Kang does art tndude a stogie 
pro p e rty bel ongin g to Jardine 
Matheson. It’s a bit fike publishing 
a picture of Blackpool without its 
tower, grvm that Jardine properties 

d mu junto the Hoag Kong skyline. 

Li Ka-steng, a friend of China, 

gets a plug through Ms HIT 

ffta mfoal bgflding. and Sw ire, 
which works with China’s CHIC, 
has fared wefl. But despite the fact 
that the Bank of China HQ is next 
to a rati of JardtaB buaflngs, the 
pictures ignore them. 

JarcBn e is not one of China’s 
favouri tes, ft is shifting its domicile 
to Bennuda, before the Chinese 
arrive, and is a big fan cf Govern* 
Chris Patten. Do the new bank 

notes cany a first hint of revenge? 


Sour note 

■ The Bank of China is not alone 
in upsetting people with its bank 
notes. The Bank of England has 


No exits on the 
road to market 

Despite setbacks, Russia will not abandon 
its commitment to economic reform, 
writes Victor Chernomyrdin 



‘ . . 

\ * t? 





Victor Cherno my rd in : •Russia has wily me path to tread - that qf reform, and it will not depart from if 


If a disaster strikes a small coun- 
try and its economy grinds to a 
halt, the world community wQl 
come to its aid. Even Russia, in 
spite of its worsening eco n omic cri- 
sis, continues to help its raf g M w msf 
in tndng to overcome their poverty. 
Tnflggri Russia's donor sta tu s nis-o-* 
vis the member countries of the 
Commonwealth of Independent 
States is parallel to that of foe 
Group of Seven leading industria- 
lised countries vis-a-uis Russia. 

In other words, while economic 

To achieve our goal 
we must adopt 
resolute measures 
aimed at limiting the 
budget deficit and the 
emission of credits 


laws work the same in all countries, 
the possibility of a government 
responding to them depends on the 
historic particularities of that coun- 
try’s economy. 

For 70 years, the former Soviet 
totalitarian economy accumulated 
vast structural disparities. Tackling 
these problems demands prolonged 
effort and huge expense. It is dear 
that we cannot sanction mass clo- 
sures of our exhausted plants since 
that would usher in an unsupporta- 
ble rise in unemployment and 
sharply worsen both the political 
and the social situation in the coun- 
try. Besides, it would be simply 
unreasonable, since many enter- 
prises have significant reserves 
with which to improve their finan- 
cial position. AH industrial enter- 
prises should get the chance - and 
that means time - to overcome 


their p respn* dttBcafflea 

Today, we can define three 
groups of baric industries in Russia: 

• Enterprises that have success- 
fully completed a period of adapta- 
tion to new market RnmiitinnR and 
are already increasing turnover. 

• Enterprises which have yet to 
undergo such a period of adapta- 
tion, but which display the neces- 
sary potential to do so and have 
some hope of succeeding. It Is 
enterprises which should get help 
from the gover nm ent. This g roup is 
by far the most numerous. 

• Enterprises which are beyond 
salvation and should be closed 
down in accordance with the law on 
bankroptcy. A list of such compa- 
nies is already prepared. We do not, 
however, want to throw the baby 
out with the bathwater, and we can- 
not ignore the social consequences 
of each step an. this road. 

Imagine a provincial Russian 
town, built up around a big defence 
plant set up some years ago. The 
entire population of the town - 
maybe 100,000 people - weeks at the 
defence plant, including those 
engaged in the service sector. 
Assume that the plant has long 
since ceased to have any social use 
and no longer receives orders. 
Should we shut the en te r pr ise with- 
out considering the consequences 
for its employees? 

Consider another example: a 
northern mining town with a popu- 
lation of 50,000 which was estab- 
lished to work the coal reserves. 
The extraction erf the coal is carried 
on with huge losses, the reserves 
are near to exhaustion, tile equip- 
ment te obsolete end foe cost of 
transporting the coal has gone up 
several times. There is no other set- 
tlement for 500km. There are 
hundreds of such cities 


Observer 


also put a few noses out of joint 
during the 300 years it has been 
printing the country's money, 
judging by Derrick Byatfs new 
book - Promises to Pay. 

Getting the Queen’s picture right 
seems to have been particularly 
tricky. Professor Robert Austin 
was taken to task in the 1950s by 
Lorf O'Brien, then chief cashier, 
forgiving the Queen too much hair, 
too fall a chest, a pinched chin and 
a left eye which did not seem to 
be toafcbng in the correct direction. 
Another of Austin’s designs was 
dismissed by Harold Wilson as 
“more like a ticket on a detergent 
(gift) voucher* than a bank note. 

Worried by the criticism, the 
Bank invited Sir Anthony Bhmt 
to join its informal design panel 
only to find some years on that 
Blunt was a Russian spy. 


Up in court 

■ Observer has to confess, without 
a trace of sycophancy of course, 
that it te becoming impressed by 
the global reach of Pearson, the 
FTs parent - and we are not 
talking about ending the worid 
In the company of the BBC. 

The nomination, by BQl Qfnton 
of Judge Stephen Breyer from 
Massachusetts to the Supreme 
Court extends the connection into 
the highest US bench, something 



and towns throughout Russia. 

What should be done? We have no 
choice but to study carefully each 
case and patiently find a solution. 

We do now feel there is some 
understanding in foe west for these 
problems. The toika last month 
between the Russian government 
and re p rese n tatives of foe Group of 
Seven daring the annual meeting of 
tiie European Bank of Reconstruc- 
tion and Development in St Peters- 
burg showed that our colleagues in 
foe US, the UK and other countries 

The further 
integration of Russia 
Into the world 
economy fully 
accords with our 
Interrats 


recognise .the importance of assis- 
tance in foe social sphere. They 
intend to take an active part in the 
search for a way to separate out 
from the enterprises the social com- 
ponents traditionally provided by 
fham , such as schools and kinder- 
gartens, so as not to threaten the 
basic living conditions of tniitinna of 
people. The issue here is the possi- 
bility of rimnnpiiiiip the interna- 
tional credit given to Russia 
towards the resolution of; above aB, 
social problems. We can cope with 
the other issues ourselves. 

We recently finished a round of 
talks in Moscow with tiie IMF; our 
approach met with understanding 
and support. Our relations with the 
IMF, to which we have furnished 
the most complete information both 
on the economic situation on what 
we intend to do to correct problems 


in itself a pretty fair 
recommendation for the world's 
most famous judicial body. 


One last puff 

■ Remember Timothy Leary, the 
arid-popping Harvard professor 
of the “tone to, turn an, drop oat" 
slogan? Well, the man whose 
promotion of the use cf U>D in the 
1960s made him an idol of US 
college campuses, has been 
breaking the tew again. 

He has been booked by the police 
at Austin airport, Texas, for 
smoking a cigarette in a no-smoking 
zone. The times, they are 
a'chan gi ng... 


1 thrift; ftn a mad cow* 

that Rupert Murdoch certainty 

cannot boast 

For Judge Breyer was married 
in 1969 to the former Joanna Hare, 
w hich makes him the brother-in-law 
of Viscount Rlakenham, tiie current 
Pearson chairman, and 
nephew-in-law of the Hon Alan 
Hare, ex-chainnan of tiie FT. In 
a stray we could never use last 
summer, because Breyer lost out 
to Ruth B ader Gtnsburgfor the 
test Court vacancy, the family was 
quizzed about its intew, but 
remained discreet "He tikes a spot 
cf good claret," erne of them said. 


Green light 


■ The new South Africa can be 
a dangerous place. But first-time 
visitor Warren Edwardes, boss of 
Delphi Risk Management, was quite 
unnerved by the response to his 
query about the best way from the 

centre of Johannesburg to suburban 
Roeebank. 

Turn right; straight through 
tiie first roadblock; right at the 
next roadblock; follow the highway 
- third exit - go straight through 
the next three roadblocks and 
you’re there,” said the helpful 
receptionist 


in that sphere, have become a sym- 
bol of oar new openness in eco- 
nomic matters. We believe that the 
agreement with the IMF will lay a 
good foundation fin our talks with 
the Paris and London, dubs of sov- 
ereign and commercial creditors on 
foe restructuring of Russia’s foreign 
debt which we from the 

Soviet Union- Successful coopera- 
tion with our creditors should also 
assist our efforts to achieve finan- 
cial stabilisation. 

The further integration of Russia 
into the world economy fully 
accords with our interests. We have 
left behind the former artificial 
exchange rate of the rouble, the 
state monopoly of internal trade 
and other former obstacles and limi- 
tations. We welcome foreign invest- 
ment in the Russian economy and 
very much count on attracting far- 
ther foreign investment - even 
though we understand that much 
will depend on foe success of our 
economic reforms and foe improve- 
ment of the legal n«d tax regimes 
for foreign investors. 

At the same time we will con- , 
tinue to Insist on the establishment 
of equal trading relations, on foe 
ending of the discrimination against 
Russian exports. In that regard, we 
are determined to push through 
Russia's application to join the Gen- 
eral Agreement on Trade and Tar- 
iffs. In the near future Russia will 
take its proper place in the system 
of worid trade and it will benefit 
both Russia and its trading part- 
ners. 

1 know that much of this appears 
over-optimistic . itvfefd the country 
has still to emerge from its deep 
economic crisis. At the same time, 
we see the first signs that our 
efforts are bearing fruit. Th privati- 
sation of small businesses - shops, 
restaurants, workshops - 1s almost 
complete. As a result, the look of 
Russian cities is chang in g ? in place 
of the dejected and sombre queues 
to which we were accustomed we 
see smart advertising hoardings 
and attractive, lively goods. We 
count on the privatisation of the 
larger companies to produce the 
same positive effect. 


T he first stage of privati- 
sation. based on the use 
of vouchers issued free 
to every citizen, will 
soon be complete. From 

July 1 the remaining share s in State 

hands win be sold not for vouchers 
but far money. This new approach 
shou l d replenish the state budget 

a nd alsn strengthen the financial 

position of foe enterprises them- 
selves. 

The strengthening of political sta- 
bility is also an enormously impor- 
tant condition for successfully 
• addrewring the pwmnmlr crisis. Last 
year, a new constitution was 
endorsed by the people in a popular 
referendum, maxkfaigtiie end of the 
long-drawn out and weary confron- 
tation between the executive and 
legislative powers. The other impor- 
tant step in the development of the 
democratic process was the holding 
of parliamentary elections, also in 
December. 

There are differing views on the 
results of the December parliamen- 
tary elections. Yet the first 100 days 
of the federal assembly’s work 
shows that the new parliament is a 
great improvement on foe old 
Supreme Soviet We count on dose 
co-operation between the govern- 
ment and the parliament as a neces- 
sary condition for the creation of a 
legal base for foe new economic 
environment Political stability has 
been further strengthened by the 
achievement of a civil accord of 
national reconciliation, a process 
ted by President Boris Yeltsin and 
now endorsed by a broad range of 
Russian political parties, enter- 
prises and associations. 

hi today's Russia we are seeing a 
new beginning: a time for those 
who know how, and have tiie abil- 
ity, to do business. We are now liv- 
ing through the trough of the eco- 
nomic crisis. In the next few 
months we can a break bran 
the baric negative tendencies which 
have held back our development in 
the past two or three years. 

I am certain that we win make 
the break. Rnssia has only one path 
to tread — that of reform, and it will 
not depart from it. 

The author is prime minister of Out 
Russian federation 


Edwardes was seriously thinking 
of aborting his mission until it was 
pointed out that the receptionist 
was talking about robots - South 
African for traffic lights. 


Too hot to handle 

■ Alarm bells are sounding at The 
Independent as the move to Mirror 
Group N e wsp a pers’ Canary Wharf 
Tower approaches. Tucked away 
in a job description questionnaire 
being circulated to lady staff is 
a query about whether the person 
fflimg in the form is sitting at their 
own desk. 

The question is not as innocent 
as it sounds. The Indy has around 
870 staff; and the word is that there 
is only room tor around 320 desks 
in the paper's new premises. 
Apparently, Mirror chief executive 
David Montgomery is a great 
believer in the "hot desk" theory 
where staff find their flesys on a 

first come, first served basis. 

Ifs said to be a good way of 
insuring that they turn up on time. 


Paper tiger 

■ If De La Rne, the banknote 
printer, makes a bid for Portals, 
one of its biggest suppSters, will 
it be an all paper offer? 







/I floDo 


PULP, PAPER & 
PAPERBOARD 


FINANCIAL TIMES 

Monday May 16 1994 



.<SL A » R,I « / 



Union will try to forge more even-handed strategy China tries 

EU seeks stronger links , t0 c ‘ ire , 

T4 . j XT1 . local stock 

with Russia and Ukraine market nis 


By Lionel Barber fn Brussels 


The European Union will today 
start to try to forge a more even- 
handed strategy toward Russia 
and Ukraine, whose neighbour- 
hood rivalry remains a source of 
instability in Europe. 

Barring last- minu te objections, 
EU foreign ministers In Brussels 
are likely to approve a new “part- 
nership" agreement with Russia 
with the ambitious goal of a com- 
mon free trade zone by the end of 
the century. 

However, the EU is balancing 
its Russia policy with a deeper 
engagement with Ukraine, whose 
nuclear arsenal and collapsing 
economy make it a regional dan- 
ger spot 

Ministers wiD today examine a 
European Commission paper 
which calls tor several initiatives 
to strengthen political co-opera- 
tion and overhaul the command 
economy in Ukraine. 

The plan recommends EculOOm 
($ll3m) in emergency food aid 
and measures to improve nuclear 
safety, particularly the dismantl- 
ing of the Chernobyl nuclear 


plant, which experts estimate 
could cost between Ecusoom and 
EcusOOm. 

Chemobyl funding will be a 
key topic at the Group of Seven 
industrialised, countries’ summit 
in Naples fn July. 

Ministers may baulk at the 


Ukrainians tend their gardens 
amid muddle Page 3 


Commission's food aid plan 
because of conflicting evidence of 
food shortages and worries that 
emergency g ^ipmpntc could dis- 
tort local agricultural markets. 
Some countries may also seek to 
delay approval of the documents 
in favour of waiting fear a deeper 
analysis of the Ukrainian politi- 
cal economy. 

A senior EU diplomat said Rus- 
sia had modified its resistance to 
stronger relations between the 
Union and Ukraine. Art Brussels 
had to tread carefully because of 
Russia’s and its own Insistence 
that economic aid should be 
linked to Ukraine meeting Its 
pledge to ratify the Nuclear 


Non-Proliferation treaty. 

The EU recently completed a 
"partnership'’ agreement with 
Ukraine that is slightly gen- 
erous than the EU-Russia pact 
now virtually complete. 

The EU-Russia partnership 
pact is likely to he approved, pro- 
vided ministers agree to settle 
the two co nt rov e rsies that have 
plagued negotiations over the 
past IS months. These are the 
ElTs treatment of Russian ura- 
nium exports and Moscow's treat- 
ment of European banks operat- 
ing in Russia. 

France, the EU*s largest pro- 
ducer as well as consumer of 
enriched uranium for its nuclear 
power plants, has been worried 
about being undercut by Russian 
exports. A new safeguards 
regime operating until 1997 may 
ease French concerns. 

Member states are less enthusi- 
astic about the b anking offer, 
which restricts EU banks to no 
more than 12 per cent of the total 
capitalisation of the Russian 
banking system, with Moscow 
offering a non-co mmittal review 
after five years. 


By Tony Walker h Beijing 


Russia ‘to 
hold course 
on reform 9 


Irish PM raises 


Continued from Page 1 


successfully; those with the 
potential to do so but which need 
state help; and those which axe 
“hopeless enterprises which 
should be closed down in accor- 
dance with a law on bank- 
ruptcy". 

The third group, however, will 
only be closed when a social 
safety net is in place to deal with 
the employees thrown out of 
work. It is an issue on which, he 
says, the government is now 
working in association with west- 
ern financial institutions. 

“The issue here," he says, “is 
the possibility of channelling the 
international financial credits 
towards the resolution of, above 
all, social problems.” 

Mr Chernomyrdin, seen in the 
west for some time as, at best, a 
reluctant reformer, displays him- 
self in his article as one who rev- 
els in the changes ushered in by 
privatisation and by the transfor- 
mation of dtlM and their 
"dejected, sombre queues” into 
places with “smart advertising 
hoardings and attractive, lively 


hopes for end 
to peace deadlock 


By Phflip Stephens, Political 
Etfitor, in London 


He takes grim satisfaction btt 
castigating “ultra radicals” who 
warned western institutions not 
to advance further funds. The 
International Monetary Fund has 
gambled an his economic stew- 
ardship by advancing the second 
half of the $3bn systemic trans- 
formation facility. 

Mr Chernomyrdin says Rus- 
sia's relations with the IMF have 
become “a symbol of our new 
openness in economic matters". 


Mr Albert Reynolds, the Irish 
prime minister, raised hopes yes- 
terday that clarification of last 
December's Anglo-Irish declara- 
tion for Sinn Fdin. the political 
wing of the Provisional IRA, 
might at last break the deadlock 
in the search for peace in North- 
ern Ireland. 

But Mr Reynolds’ comment 
that written questions about the 
declaration, from Sinn Fan were 
"answerable" coincided with the 
mnrder by the ISA of another 
British soldier in a rocket attack 
on an army outpost in Armagh. 

Speaking in the US where he 
held unscheduled talks at the 
weekend with Mr Bill Clinton, 
the US president Mr Reynolds, 
also indicated that Dublin and 
London would not wait indefi- 
nitely for a positive response 
from the Republican movement 

Mr Reynolds told Ireland's RTE 
radio: “The questions by and 
large are answerable, and I hope 
that the British government will 
see them in that light and will 
give the most positive response 
they can.” He added: “I think the 
vast majority of people in Ireland 
- and Britain - want to see a 
breakthrough, and move this lat- 
est roadblock out of the way." 

But in a speech in Chicago 
where he received an honorary 
degree from the University of 
Notre Dame. Mr Reynolds dis- 
played his frustration at the 


IRA’s refusal to end its cam- 
paign. 

Stressing the two governments' 
commitment to secure a broad- 
ranging political accord to 
replace the Anglo-Irish agree- 
ment of 1985, Mr Reynolds said: 
“The leaders of the Republican 
movement know that we still 
hope they wHl opt to play their 
part . . . They must also know, as 
Edmund Burke once put it, that 
there is a limit at which forbear- 
ance ceases to be a virtue.” 

Mr Michael Ancram, Northern 
Ireland minister, signalled that 
the two gove rnments were draft- 
ing plans for a comprehensive 
political settlement 

British ministers said Sinn 
F6in's questions, passed to the 
London government by Dublin 
last week, would be published in 
the next few days together with 
the governments responses. 

But Sir Patrick Mayhew, 
Northern Ireland secretary, was 
determined Britain would not be 
drawn into negotiations on the 
declaration until the IRA ended 
its campaign of violence. 

Mr Gerry Adams, Sinn Ffein 
president, gave a clear hint at the 
weekend of the areas in which 1 
the IRA was seeking clarification. , 

These include ths timescale in 
which Britain expected to see 
agreement between all the people 
of Ireland, the constitutional 
options it foresaw as realistic 
alternatives to the status quo and 
the basis for the "Unionist veto” 
on change in the north. 


China is postponing new stock 
listings in an attempt to ensure 
that companies seeking invest- 
ment from the public are sound, 
and it wants to increase the role 
of investment funds to calm Its 
volatile stock marfrytv 

The official Xinhua news- 
agency reported that a consider- 
able portion of the stocks sched- 
uled to be issued this year to 
local investors, known as 
A-shares. will be postponed to 
1995. 

China had planned to issue 
about Yn5Jbn ($834m) of 
A-shares in 1994 to enliven its 
flagging securities markets, 
which have fallen sharply in the 
last year. The postponement does 
not affect B- shares, denominated 
in dollars for foreign investors. 

Government authorities, who 
have also sought to impose 
stricter discipline on the conn- 
fry's futures exchanges, are seek- 
ing to rebuild public confidence 
in the stock market 

Disillusioned Chinese investors 
have been deserting the two 
stock exchanges, in Shang hai 
and Shenzhen, in droves for 
bonds and other securities. The 
shift has came as many newly 
listed companies have not met 

The state council securities 
committee said the development 
of China’s stock market should 
be conducted on a “step by step 
basis”. It said that, in future. 
rampani/y j planning public Offer- 
ings would be obliged to accept 
“six-month-long coaching by rele- 
vant departments". 

Meanwhile, stock issuing quo- 
tas allocated to local govern- 
ments for this year will be 
delayed until 1995, the committee 
said. The government also plans 
to strengthen its supervision to 
"prevent market manipulation 
and iTvriripr trading”. 

The authorities wfll encourage 
the development of investment 
funds and it is hoped these will 
become the "backbone of the 
future stock market". 

Lack of a strong institutional 
presence in the markets, which 
have been dominated by individ- 
ual investors, has contributed to 
their volatility. . 


S Africa 


Continued from Page 1 


business and other organisations 
before imposing new 
measures. 

The cabinet will this week 
begin shaping Its legislative 
a genda, and Mr is due to 

address parliament tomorrow to 
lay out the government’s plans 
for its first months in office. 

The budget to be presented by 
Mr Derek Keys, finance minister, 
will have to reconcile many con- 
flicting regional spending needs. 
The ANC has costed its recon- 
struction and development pro- 
gramme nationally at R39bn 
(S10.7bn) over five years. 


FT WEATHER GUIDE 


Europe today 


Western Europe wfll become significantly 
cooler thte week. Unlike yesterday, the 
Benelux and Scotland wifi be dry with sunny 
periods. Rain wiH cross France ahead of a 
surge of cod Atlantic air. The raki wUI spread 
to southern England during the afternoon 
and evening, but It wifl be preceded by a 
warm easterly breeze. Central Europe wDI be 
warm and mainty sunny with afternoon 
temperatures between 23C and 27C. Spain, 
however, wd have showers and thunder 
storms followed by much cooler 
temperatures. A low pressure area over toe 
Baltic states wfll bring patchy ran as far 
south as the northern Balkans. Scandinavia 
will be mainly dry but cod, while the eastern 
Mediterranean wfll have a prolonged warm 
period. 




Pi 000 71 ...ViV 






Ja* ?*• 


\ \ ^ 7 : ' 102 v ° 


Five-day forecast 

Advancing cold air will push the very warm 
air and its high temperatures further east, 
bringing a lot of rain to western Europe, 
where it will be cod bi the middle of toe 
week. Later, heavy rainfall is expected east 
of the Alps. Meanwhile, Scandinavia will 
become unsettled, white the eastern 
Mediterranean wilt, in general, stay dry, warm 
and sunny. 






vis 


W-ra from .aLJta. Goitlfront A A wind epeed In KPH ’ ./ 


TODAY'S TEMPERATURES 


Situation of 12 GUT. Temperatures madmum for day. Forecasts by Mtfao Consult of th© Nothorferxfcj 



Mawrmen 

Be*ng 

sun 

22 

Caracas 


Celsius 

Belfast 

cloudy 

13 

Cardm 

Abu Dhabi 

sun 

41 

Belgrade 

Ur 

32 

Casablanca 

Accra 

found 

31 

Beten 

cloudy 

24 

Chicago 

Algiers 

Amsterdam 

sun 

Mr 

24 

20 

Bermuda 

Bogota 

fab- 

shower 

24 

21 

Cologne 

D' Steam 

Athens 

fair 

28 

Bombay 

Brussels 

sun 

38 

Dakar 

Atlanta 

fas- 

28 

Mr 

23 

Dallas 

& Aim 

ter 

20 

Budapest 

Stir 

29 

DaM 

ELhnm 

rata 

15 

CJtagen 

Ur 

18 

Dubai 

Bangkok 

found 

35 

Cairo 

fair 

34 

CXtaSn 

Barcelona 

cloudy 

21 

Cape Town 

Ur 

18 

Dubrovnik 


Lufthansa Express. 

The best connection in Germany 

W Lufthansa 

German Airlines 


31 Ednburgh 
16 Faro 
21 Frankfurt 
20 Genera 
SB Gibraltar 
29 Glasgow 
25 Hamburo 
31 Habtaki 

40 Hong Kong 

41 HanoMu 
13 Istanbul 
28 Jersey 

Kaactt 
Kuwait 
L Angeles 
Las Palmas 
lira 
Lisbon 
London 
Luxbourg 
Lyon 
Madeira 


12 

Madrid 

ten 

19 

Rangoon 

cloudy 

34 

19 

Majorca 

fab- 

25 

Reykjav* 

far 

10 

27 

Malta 

sun 

29 

Rio 

cloudy 

26 

25 

Manchester 

cloudy 

15 

Roma 

eun 

26 

22 

Mania 

ter 

35 

S. Freco 

Mr 

17 

15 

Mattxuna 

ter 

17 

Seoul 

Mr 

18 

18 

Mexico City 

found 

24 

Singapore 

found 

31 

17 

Miami 

fair 

31 

Stockholm 

shower 

10 

31 

MBan 

fab- 

28 

Strasbourg 

fair 

25 

31 

Montreal 

ten 

14 

Sydney 

Mr 

22 

25 

Moscow 

rata 

20 

Tangier 

shower 

19 

15 

Munich 

fair 

26 

Tel Aviv 

Mr 

30 

37 

Nairobi 

ehownr 

23 

Tokyo 

ten 

23 

37 

Naples 

0U1 

29 

Toronto 

far 

14 

21 

Nassau 

fair 

31 

Vancouver 

ten 

14 

22 

New York 

shower 

24 

Venice 

fair 

2S 

23 

Nice 

Mr 

22 

Vienna 

Mr 

28 

18 

Mania 

Mr 

2 a 

Warsaw 

cloudy 

23 

17 

Oslo 

efwwer 

13 

WMttngtpii 

ter 

24 

23 

Rarte 

rata 

22 

Wdffngton 

windy 

12 

28 

Perth 

doudy 

22 

Winnipeg 

fair 

18 

22 

Prague 

Mr 

24 

Zurich 

fair 

25 



THE LEX COLUMN 


Hanson’s longer horizons 


Hanson's name is so linked with 
short-termism that its decision to 
lengthen its target payback period 
may seem odd. New investments are 
now to be authorised if they promise 
to pay for themselves within five or 
six years rather than the previous tar- 
get of four years. Nevertheless, the 
move looks logical With inflation low 
and money cheap, it makes sense to 
accept a lower rate of return. That, at 
any cate, is what the Bank of England 
and the Confederation of British 
Industry have been telling industry in 
recent months. 

Whether the stock market views it 
that way remains to be seen. Sceptics 
may rtmife Hanson's move signals that 
it is running short of profitable invest- 
ment opportunities. For many years, 
Hanson was able to increase earnings 
by exploiting the atwwnriKes of acquisi- 
tion accounting. But that is no longer 
possible. Investors may fear that Han- 
son win now tom to poor investments 
to main tain growth. 

Another worry could concern divi- 
dends, which were frozen last Decem- 
ber. Hanson’s cash position will 
become dearer tomorrow when it 
reports its half-year profits. But the 
danger is that a longer payback period 
could skew the group's cash flow pro- 
file as a result of a higher investment 
rate and a longer wait for projects to 
pay off That, in turn, could under- 
mine Hanson's ability to increase divi- 
dends. An extended payback looks jus- 
tified given low Inflation and interest 
rates. Even so, investors will probably 
need reassuring 


Wellcome 


Store pries relative to the 
FT-SE-A Al-Shar* Index ' 
240 ; — 



Source: FT Qnphfo 


-03-; -.04 


company Syntex at a large premium < 
the market share price also pointed to 
value bidden elsewhere in the sector. 

On a multiple of around 10 thn^ 
this year's forecast earnings at the 
depths, Wellcome certainly looked 
cheap an all but the bleakest diagno- 
sis. But much still depends on the 
growth it can squeeze out of Zovirax 
in the face of competition and expiring 
patents. Disappointment on that score 
would cast doubt an Weflooine's abil- 
ity to make the global grade as an 
independent company. The Trust - 
which still holds 40 per cent - might 
then wonder whether it would be bet- 
ter off with a smaller stake in a larger, 
less risky company. 


to frustrate BA's further expansion. 

The next flashpoints are likely to 
concern Air France's Fi2Cftm recapital- 
isation and plans by TAT, BA's 
French affiliate, to fly from Orly to 
Toulouse and Marseille. The Fr20bn 
recapitalisation is probably illegal 
under the Treaty of Rome as It consti- 
tutes state aid but the European Com- 
mission is expected to let it through - 
albeit with conditions - because of 
France’s political clout Similarly, 
although the Commission has ordered 
France to open up flights from Orly to 
Toulouse and Marseille, Paris is 
appealing to the European Court of 
Justice. BA’s shareholders have fur- 
ther bumpy rides to endure before 
they can enjoy the fruits of the air- 
line's Gallic investments. 


Credit cards 


British Airways 

British Airways appears to be the 
main winner of the battle for Orly. As 
part of yesterday’s deal, Britain agreed 
to study whether access to Heathrow 
by a number of small French airlines 
could be improved. But this looks 
more like a face-saving device for the 
French than a serious concession by 
the British. The main point is that 
France has accepted that BA and its 
fellow UK airlines, Air UK and British 
Midland, will have access to Paris's 
strategically placed southern airport 
by the end of June at the latest 

Even so, the fuss kicked up by Paris 
before it gave way shows just how 
hard it will be to pry open the French 
aviation market Surrender in this bat- 
tle does not mean Further liberalisa- 
tion will came easily. The French gov- 
ernment is so keen to protect the 
nearly bankrupt Air France that it can 
be expected to fight a rearguard action 


Wellcome 

WeDcome's recent recovery l las been 
nearly as startling as its decline. The 
shares have risen by IS per cent in 
three weeks and on the evidence of 
Friday's 7p rise to 586p there is still 
some momentum. For investors who 
bought shares from Wellcome Trust at 
800p two years ago, the rally wfll be of 
scant comfort After a string of disap- 
pointments - culminating with the 
decision in March to abandon develop- 
ment of a new anti-viral compound - 
the company will struggle to regain a 
premium rating. 

There is no single reason for Well- 
come's sudden rehabilitation. 
Although Retrovir will never be the 
money-spinner once hoped, the com- 
pany has cemented its position in Aids 
therapy by signing a marketing agree- 
ment with Glaxo. Early data suggests 
Faxnvir, SmithfClint? Beecham's anti- 
viral treatment, will not elbow aside 
Zovirax, Wellcome’s biggest selling 
drug. Roche’s acquisition of US drugs 


Despite the stirrings of competition, 
credit cards are still a lucrative bust 
ness for Barclays ami National West- ; 
mins ter who together control around i 
half the market. Both still charge ann- 
ualised percentage rates around 22 per 
cent even though base rates are only 
5.25 per emit Newcomers have felled 
so far to make significant inroads. 
Save & Prosper, whose APR is only 
13.9 per cent, has less than i per ceut 
of the market, though it has been 
selective In targeting customers. But 
the GM Card has attracted 350,000 cus- 
tomers in the space of a few months. 
The big issuers would be rash to 
assume their profits are secure. 

High margins and low barriers to 
entry mean credit card - companies 
must be vulnerable to contpetitfre 
attack. Part of the trouble has been 
inertia on the part of consumers, who 
tend simply to look to their existing 
bank to provide a card. Gradually that 
is starting to change as brands prolif- 
erate. GJTs role is important in this 
regard as is that of niche operators 
like Bank of Scotland who promote 
affinity cards. It is behind tbs 
card issued by The Sunday Times, for 
example. 

ft may take only a spot of aggressive 
marketing for the stranglehold of the 
big two to be broken and pricing in 
crumble. It would make sense for Mr 
Peter Wood of Direct Line, the Royal 
Bank of Scotland’s insurance subsid- 
iary, to take a serious look. Direct, 
Line has the necessary expertise in| 
marketing, cheap processing -and risk | 
analysis. It is already spreading its | 
wings into household insurance, con- 
sumer loans and mortgages. If he wort 
into credit cards too, Mr Wood could 
easily do to that industry what he has 
done to motor insurance. 



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15 


toung working 
TOWN seeks lively 

JNTELUG EWT COMPANY. 

[Rk full dttailf including plwto* pkonc- 0952 293262 

Telferd. 


FINANCIAL TIMES 


© BROOK 

Hansen 


COMPANIES & MARKETS 


POWERFUL 

CONNECTIONS 

Controllers, Electric Motors, 
Gearboxes 


©the FINANCIAL TIMES LIMITED 1994 


Monday May 16 1994 


Profits 
revealed 
at JC 
Bamford 

^ ADdrsw Baxter ii London 


JC Bamford, one of the UK’s 
largeri privately owned manu- 
facturing companies, more 
than trebled pre-tax profits 
last year and is considering 
building a new factory at 
Chewfle, Staffordshire, to cope 
with rising dmnand. 

The company, Britain’s big- 
gest producer of construction 
equipment, will tell its 2,700 
employees this week that pre- 
tax profits surged from £8-8m 
($ 12-1 hn) in 1992 to £20.6m 
last year, as sales rose from 
£359 Jtm to £39&4m. 

JCB, founded by Mr Joe 
Bamford. in 1945, has tradi- 
tionally said little about its 
overall financial performance. 
But Ills son Sir Anthony Bam- 
ford, cha irman , has revealed 
for the first time details of the 
company’s recent profits 
record. 

The figures show that JCB’s 
pre-tax profits dipped to alow 
point of £&8m in 1992. But it 
is one of the few construction 
equipment producers in the 
world to hove come through 
the recent recession without 
maMng an animal loss. 

Sir Anthony said all the 
company’s divisions woe prof- 
itable last year, except its 
wheeled-loader business, 
which had just launched long- 
awaited new products, and its 
three-year-old excavator joint 
venture with Japan’s Sumi- 
tomo Construction Machinery. 

. The joint venture, JCB-SCM, 
shares a tactary in Cttnxeter 
with the JCB Special Products 
company, winch makes small 
machines. Sir Anthony said 
the factory was “bursting at 
the seams," partiy became the 
strong yen. had increased the 
need Jor local eontent in the 
venture's Japanese-inspired 


JCB% intention was to move 
SpedaTProdncts to the 91-acre 
site of a farmer opencast coal 
mine at Cheadle, which the 
company bought 'two years 
ago. The move, said Sir 
Antifony, would be “positive” 
for employment, but JCB has 
yat to-make a final decision. 

The company had added 400 
jobs this year, and produced 
4,000 mark fries in the first 
quarter, w 68 per cent from a 
year earfifcr. Sir Anthony said 
pnMQte tigfa year should rise 
• farther to X30m-£40m. 
,.An^s«ifl, v 3Page 16 


Hanson increases investment pay-back time 


By Roland Rudd hi London 

Hanson, the Anglo-US conglomerate, 
has lengthened its pay-back period for 
new investments by up to two years, 
in a move to take advantage of low 
interest rates and inflate 
Mr Derek B onham Hanson’s fhfof 
executive, confirmed that the com- 
pany had lowered its pay-back criteria 
far capital investments. They will be 
authorised If they pay for themselves 
within five or six years instead of the 
previous target of three to four. 


The move comes as other compa- 
nies are considering lowering invest- 
ment thresholds, and targets for 
return an capital, in response to falls 
in interest rates. But other big indus- 
trial groups have not yet lowered 
their pay-lack levels. 

Hanson’s change of strategy is 
partly based on the company's out- 
look far interest rates and inflation, 
which Mr Bonham expects to remain 
under control. But Hanson Is also 
keen to allay fears of short-tenmsm 
often levelled at conglomerates. 


In a report on UK competitiveness, 
the Commons Trade and Industry 
Select Committee warned of an alarm- 
ingly low level of labour productivity 
and “remaining deep-rooted prob- 
lems” in investment. 

Hanson believes the faning- cost of 
capital will enable it to take the lon- 
ger-term view on capital investment 
that has been urged by the Bank of 
England and the Confederation of 
British Industry. 

While analysts welcomed Hanson’s 
change of policy some voiced fears 


that the company may be making an 
admission that short pay-backs are no 
longer feasible. 

BIB, the industrial conglomerate, 
has generally had a pay-back period 
of lies than four years, although it 
told analysts this was not feasible 
during a recession. 

The General Electric Company, 
which told the trade and industry 
committee that institutions were pre- 
occupied with short-term economic 
performance, said its real target rate 

remained unchanged at 20 per cent 


Mr Alan Spall, finance director at 
Imperial Chemical Industries, 
believed inflation to be only one ele- 
ment in the equation. “The fact that 
inflation has come down doesn't at all 
mean that our hurdle rates have come 
down as well,” he said recently. 

Hanson is expected to confirm 
tomorrow, when it publishes its 
results, that the US stQl offers the 
best acquisition opportunities, 
although it would like to make a big 
takeover in the UK 
Lex, Page 14 


Raymond Snoddy on why PolyGram may be laughing all the way to the bank 


Four ambitions 
and a European 
film studio 


F or a few hours on Wednesday 
evening London’s Leicester 
Square could have passed far Los 
Angeles or New York on a big movie 
night These w Me the slow procession 
Of Stretched HwinmwiTmM, the of 

Dsns behind barriers, and the stars 
bathed momentarily in flashlights far 
the UK premiere of Four Weddings and 
a Funeral 

An audience winch has been longing 
for the revival of the British film indus- 
try was there to salute the success of a 
movie minnow, a $Sm romantic comedy 
shot in 36 days in Britain with the help 
of Channel Four finance. It has become 
the first British film far six years to 
take the number one spot at the US box 
office. 

With equally good results coming in 
from France and Australia, the fflm - 
produced by Working Title, a subsid- 
iary of PolyGram Filmed Entertainment 
- is beginning to look like a worldwide 
hit 

Yet as Michael Kuhn, the London 
lawyer -president of PolyGram Filmed 
Entertainment, prepared far the premi- 
ere he was not donning the Union Jack 
or planning to claim annthw rebirth of 
the.Rritish film , indu s t ry. 

That sort of thinking Mr Kuhn 
denounces as “total crap”. For good 
measure he says those who seek subsi- 
dies for British films “drive me nuts”. 
'Four Weddings is a major movie suc- 
cess and whafs. ’British’ got to do with 
it?” says 43-year-old Mr Kuhn, whose 
business fa part of the PolyGram group, 
controlled by Philips of the Nether- 
lands. 

“This has been funded by the profits 
of 32 record companies around the 
world. That’s what paid far this movie 
and its marketing. It’s nothing to do 
with British. It’s the entertainment 


business and it’s ludicrous to keep 
talking about the British industry in 
this way,” he adds. 

Mr Kuhn haa set himself the uniquely 
difficult taflit of buSdfag a European- 
based “studio" - on a Hollywood scale 
but without walls. The studio simply 
exists as a collection of independent 
production companies either owned or 
controlled by PolyGram. Over the past 
three years with hardly any fuss Poly- 
Gram has got an With making films - 
29 so far with eight more in various 
stages of production. 

No less than $8m out of a total mar- 
keting budget of $i5m far the fihn - 
PolyGram’s first unambignons success 
- was spent in Los Angeles and New 
York on an intensive advertising cam- 
paign for the launch at five cinemas. 
Average revenues were $27,000 per 
screen on the first weekend - the sort 
of figures that could be used to per- 
suade exhibitors to show the quirky 
sort of film that rarely makes it to mid- 
west cinemas. 

But make it it did, and by the time of 
the London premiere Four Weddings 
had taken $3lm at the box office. Mr 
Kuhn believes $50m gross could be 
earned from North America and a simi- 
lar amount from the rest of the world. 

That is only a small proportion of the 
film's financial potential. The typical 
film earns about a fifth of its revenues 
at the cinema box office, video 50 per 
cent, televirion 20 per cart and other 
areas of exploitation 10 per cent. 

"We need just one more film not dis- 
similar to Four Weddings and then on a 
project basis - forget the overheads - 
these two would have recouped the 
losses on all the movies we have made 
to date,” he says. 

Others have done reasonably well - 
Backbeat, the PolyGram film about the 



Michael Kahn: *By 1996 or 1997 we will be the only European-based studio' 


man who walked away from the Beatles 
will certainly get its money back. And 
with others the risk fa minimised. The 
actual cost of the film fa covered by 
sefimg rights in advance and usually 
only the marketing costs are at risk. 

But film history suggests that when 
Europeans try to challenge Hollywood 
the moment erf success is the moment of 
maximum dan g er. Revolution was the 
expensive flop that did for Goldcrest in 
the wake of its association with suc- 
cesses such as Chariots of Fire. Raise 


the Titanic scuppered Lord Lew Grade’s 
film ambitions. "It would have been 
cheaper to lower the Atlantic,” Grade 
cracked at the Hme 
&fr Kuhn says he has taken a step-by- 
step approach in putting in place the 
building blocks of a studio, without 
property but combining the essential 
components cf production and distribu- 
tion. “By 1996 or 1997 if God fa in his 
heaven and smiling an us we will be 


continued on Page 18 


Atlantic 
Richfield 
loses on 
derivatives 


By Martin Dickson 
In New York 

Atlantic Richfield, the VS 
energy company, has con- 
firmed press reports that 
investments in derivative 
securities led to steep losses 
last month in an employee 
investment fund it manages. 

Arco fa the latest of several 
large VS companies, including 
consumer products group 
Procter & Gamble, to acknowl- 
edge suffering significant 
losses in derivatives due to 
volatility of markets. Losses 
have reinforced pressures in 
Congress for regulation of 
derivatives markets, which 
critics argue are poorly 
policed, badly understood and 
could pose a systemic risk to 
the financial system. 

Mr A1 Greenstein, an Arco 
spokesman, told Renters the 
group's Money Market Plus 
Fund lost $22m or 5JS per cent 
of its principal in April and all 
the losses were associated 
with derivative securities with 
principal risks. 

He said the company had* 
since liquidated all derivative 
securities in question, and 
changed strategy to avoid such 
investments. Mr Greenstein 
added Arco had informed 
investors in the fund that, it 
wants to “make good” on the 
losses. He said it was consult- 
ing the Internal Revenue Ser- 
vice to work out “highly com- 
plex” tax issues involved with 
a reimbursement. It was not 
Arco’s policy to reimburse 
employees for fund losses, but 
it wanted to do so for inves- 
tors of the Money Market Pins 
Fund since they “had the 
expectation that their money 
was not at risk”. 


Markets 
this week 

Starting on page 20 




MARTIN DICKSOtt! 

GLOBAL INVESTOR 
Global 
markets will 
take their lead 
this week 
from the US, 
where the 
.Federal 
[Reserve seems 
certain to put 
up short-term interest rates. 
Page 20 

PKTKR NORMAN: 

ECONOMICS NOTEBOOK 

European 
Union officials 

are giving 

thought to 
fiscal deficits 
in anticip- 
ation of 
economic and 
monetary 
union. Not only are the 
deficits a significant 
economic problem: they 
could create strains between 
anti-deficit hardliners and 
others. Page 20 

Bonds: 

German government bond 
yields have failed to respond 
substantially to last week's 
generous Goman interest 
rate cuts. Page 22 

Equities: 

Stock market analysts sound 
increasingly frustrated as 
they watch the Footsie 100 
bounce on the 3,100 fence, 
unable to disentangle itself 
from the bond markets but 
unwilling to give any further 
ground. Page 23 

Emerging markets: 

Foreign investors are 
re-evaluating the 
creditworthiness of the 
private sector after a poor 
flrsfrqirarter performance by 
large Mexican companies. 
Page 21 

Currencies: 

An expected tightening of 
policy from the US Federal 
Reserve tins week should 
help the dollar. Page 21 


STATISTICS 


Base lending rates 

Company meetings 

Dividend payments — 

FT-A World Indices 

FT Guide to Currencies.- 
Foreign exchanges 
London recent issues — 
London share service .... 
Managed fond service _ 

Money markets - 

New tnt bond issues . — 
World stock mkt Indices 


29 

— 19 
-..19 
..-.29 

21 

.-...29 

-...29 

30-31 

25-29 

29 

22 

—24 


Week: Company news 



A/HONDA 



ese season 
ilouded by 
issues 


Rwm ti ty t 'flnnoiTTMwn pn te hy .lapanase 

full steam this week, 
wtthhrokire, trading houses, 



annual 

Although, many brokers, due to 
unveil refrflts on Wednesday, reduced 
their pro^'forecaste in Marc h, most 
are Hkeh^how- recovery. They have 
seen a rtoffin income linked to the 
south 
Drum I 

not beemgirge enough to cover 
lowcrtiufaexpected stock market 
■ volumes.. 

fa consumer electronics, Sony will 

release figures on Thursday. A 30 per 
cent fall fa expected in parent company 
pretax profits, due to depressed 

domestic demand, while pre-tax 
earnings’are forecast to rise 8 per cent 
Bmnkw to recovery in the US; 

- Matsushita Electric Industrial, due 
an Friday, expects a 4 per cent fall 


and a 7 per cent decline at the pre-tax 
level Most consumer electronics 


efforts to cut costs, but the b enefic i al 
effects have been af&et by currency 
losses following the yen’s appredatim 

Wlth orders falling for nearly two 
years, construction compani es, 

reporting on Thursday, are expected 
to show weak figures. Nomura 
Res e arc h Institute estimates that the 
sector’s pre-tax profits fell by about 
17 per cent in the year to March. 

NRI forecasts a 31 per cent fell to 


hit by a decline in imports caused by 
the twwifiwnk* slump. Many companies 
are stffl suffering from securities 
investment losses made during the 
late 1980s. 

Hernia, the carmaker, has p encille d 
in a 58 par cart plunge in pre-tax profits 
became of the decline in domestic 


r .v. 


_. - - - TtW, . 


*49 


i ‘’Jj/- v'» .if 




?S7.;v:xr* ;• *v ; - 

... Wtf-- q 1 f - -•* * t . 


WHITBREAD/ALUED-LYON S/BASS 

Beer falls flat as food 
and leisure thrive 

The UK brewers’ results season gets 
into full swing this week, with full-year 
figures from Whitbread today and 
Allied-Lycms tomorrow, and interims 


So far, the season has produced only 
one real upset: (Sand Metropolitan’s 
statement that de-stocking in the US 
wines and spirits market was likely 
to cost it £4Qm ($6a40) in the fall year. 
The big question fa how far Aided, 
also a big player in the US market, 
will confirm GrandMet's experience. 

For tiie UK, a common theme is likely 
to be that brewing and old-fashioned 
baric pubs are still doing badly, while 
pubs relying more on food and leisure 
are thriving. The worst figures from 
the trio are therefore Hkely to come 
from Bass, the UK’s biggest brewer 
and also a massive pub operator. 
Against £229m last year, pre-tax profits 
this time could be fiat 
Whitbread fa expected to do better, 
with pre-tax of perhaps £232m against 
rawttn before exceutionals last time, 
ft is particularly strong an more 
Up-Market restaurant-type outlets. 

Allied’s figures win be the first 
frOtyear to shew the effects of its 
brewing joint venture with Carlsberg. 
The actual pre-tax figure fa not a 


"by Allied at £680m at the time cf its 
deal with Domecq in March. This 
compares with £S£hn - again before 
exceptional* - the year before. 


OTHER COMPANIES 

Lufthansa optimistic 
as rights issue nears 

Lufthansa, the aiHinn stiQ majority 
owned by the German state, will today 
report full details of its 1993 figures, 
expected to show a substantial loss, 
albeit reduced from 1992 levels. Mr 
Jfirgen Weber, chairman of the airline’s 
management board and architect of 
an ambitious rationalisation plan over 
the past two years, fa hkely to repeat 
his forecast that the airline will be 
back in the Uack at the operating level 
in 1994. There may be more clues about 
the timing of the rights issue which 
will herald Lufthansa’s privatisation 
later tins year. 

■ Hansom Shareholders will be 
interested to find out how much the 
US Peabody coal dispute has cost the 
TUT Im^mI T7y t r|gtrlfll ww glwnnw ite, 
which announces interim results 
tomorrow. Estimates hover around 
the £8Gm ($U7m) mark. The 
f tfimgfmmflrafp 's profits figure — 
stripping out strike costs - should 
be between £580m and £675m pre-tax, 
up from £507m. But it fa thought the 
quarterly dividend will be held at 2£6p. 

■ Astra: The fast-growing Swedish 
pharmaceuticals company will 


momentum when it announces Its first- 
quarter figures tomorrow. Analysts 
expect profits of around SKrZhn 
($26Qm), against SKrL74hn a year ago, 
with volume growth helping to offset 
a reduced currency impact 

■ National Anstralla/Westpac: 
Australia’s commercial banks are 
expected to show a continued 

Im pm p ffl pBnt in thnfr flnatvn'gT health 


tidtfaitta 

Shareprfca^DM) 


220 " 

^ Li . :r _'j W* 


V 




•• -4y: 


■Mik 

.1. A_ ■> > • . £?_• - 




v. JC’iy 


when the sector's interim reporting 
season kicks off on Thursday. 

IMwiatpil for Hhtinn al Arcst ratin Ttari fr, 

reporting Thursday, range between 
net profits of A$T5Qm <$53&n) to 
something over A$80Qm. A year ago, 
it made A$507.3m in the first half; 
including a A£EL9m abno rmal surplus. 
Westpac is the wilder card, with 
anything from A$297m-A$344m forecast 

N Krupp-Hoesch: Germany’s second 
biggest steel maker will on Wednesday 
unveil fan results far its first year 
following the historic fusion erf the 
two companies. The group recently 
said it lost DM583m ($346-7m) in 1993 
but hopes to break even this year. 

■ Kmart Today the market will get 
further evidence erf the US discount 
store group’s dwyimitiwi when it 
produces its reaultB far the first quarter 
to ApriL The company warned last 
month that the figures would be even 
worse than last year's dismal first 
quarter, so there are unlikely to he 


period, it made net profits of $&Qm 
before extraordinary items, and 
analysts expect the figure to be halved. 


Companf— In tMa Iran 


Alcatel 

18 

DeLaRue 

• ie 

HoIBnger 

18 

Atlantic Richfield 

18 

W 1 

cnona 

18 

PoJyGran flkrwd Ent 

15 

Austral* 

18 

Goldman Sachs 

18 

Stem Commercial 

Singapore AHnes 

18 

18 

Bamftxd (JC) 

1* IS 

Qufanass 

16 

SmithK&no Beectam 

18 

Bank of Asia 

18 

Hanson 

15 

Tabecahra 

18 


This announcement appears as a mover of record only 


US$150,000,000 

RIT CAPITAL PARTNERS pic 

Private Placement of 
Senior Notes due 2001 


Lender Croup 

The Prudential Insurance Company of America 

Advised by to subsidiary PRIC0A Capital Group Ud 

Afetropoi&an Life Insimuice Company 

Advised by MetLife investments Limited 

The Travders Insurance O/r^any 

Principal Mutual life Insurance Company 

The Mutual Life Insurance Company of New York 
National Life Insurance Company 

New England Mutud Life Insurance Company 


The undersigned arranged the private placement of these Notes 

MORGAN STANLEY & CO. 

International limited 


May 12, 1994 


Ji 


V 












FINANCIAL TIMES MONDAY MAY 16 1994 


COMPANIES AND FINANCE 


Ward issues $85m 
writ against Guinness 


By Christopher Price 


Guinness said yesterday it 
would vigorously defend an 
*85m (£58m) writ issued by Mr 
Thomas Ward, a US attorney, 
and a Guinness director at the 
time of the takeover of Distill- 
ers in 1986. 

Mr Ward, who aided Mr 
Ernest Saunders, the then 
Guinness chief executive, dur- 
ing the successful £2.7bn bid 
battle, is suing Guinness and 
four executives connected with 
the takeover for damages on a 
variety of charges. These 
include loss of earnings for Mr 
Ward's law practice, libel and 
slander. 

Enjoined with Guinness is 
Mr Shaun Dowling, a former 
director. The writ is also 
thought to cite Sir Thomas 
Risk, the former governor of 


the Bank of Scotland, and Lord 
MacFarlane of Bearsden, who 
succeeded Mr Saunders as 

rhalrman of G uinnes s and is 

currently non-executive chair- 
man of United Distillers. The 
fourth is aim believed to be a 
former Guinness director. 

The suit, filed in a Los 
Angeles court, follows Mr 
Ward's acquittal last year at 
the Old Bailey on charges of 
stealing £52m from Guinness. 
The drinks group said it was 
an unauthorised payment by 
Mr Saunders, but Mr Ward 
maintained it was a legitimate 
‘success fee' for hia services- in 
winning the Distillers bid. 

Although Mr Ward repaid 
£lBm of the foe prior to his 
trial, Guinness is currently 
pursuing Mr Ward for the 
return of the remainder plus 
interest, totalling £9m. 


Mr Ward's action does not 
Include punitive or exemplary 
damages, which would be 
decided by jury if the case 
against Guinness was proven. 
Guinness said that a separate 
action, being brought against 
Guinness by Mr Ward's legal 
partners, would also be 
strongly defended. 

The company said: “We have 
instructed our lawyers in Calif- 
ornia to take steps to have 
these actions dismissed. ” The 
company has been granted a 
30-day extention before it 
responds to the claim. It is 
thought that Guinness will act 
in conjunction with the four 
co-named executives. 

Mr Ward's action is the lat- 
est legal fall-out from the take- 
over of Distillers in which 
Guinness fought a prolonged 
battle with Argyll Group. 


Floating on the crest of a wave 


By Peggy Ho Singer 


Companies have tapped the 
stock market for a record 
£5.2bn in the first four 
months of 1994, more than was 
raised in the whole of last 
year. 

Major issues so for this year 
include the £4S4m flotation of 
Beazer Homes and House of 
Fraser’s £41 3m market debut 

A report by accountants 
KPMG Feat Marwick shows 
companies seeking foil listings 


raised £5.17bn in 1993 and just 
£2.3im in 1992. 

Mr Neil Austin, KPMG's 
head of new issues, said the 
number of flotations had 
begun to pick up in the last 
quarter of 1993. 

“Economic recovery and 
solid levels of business confi- 
dence have allowed more com- 
panies to come through," he 
said. 

A total of 84 companies were 
floated in the first four 
months, against 169 for the 


EHDOER/INYESTOR 


TARGET 


CROSS BORDER IMA PEALS 

ET SECTOR 


COMMENT 


Hotdsrbank (Switzerland) Cedent (France) 


Doubling French 
presence 


BSN (France) 


San Miguel (Spain) 


Brewing 


Plans to buy 
eventual 10046 


Parker A Parsley (US) 


Bridge Oil (Australia) 


Oil & gas 


Boat! rej e cts 

hostile bkJ 


Naettt (Switzerland) 


Drover's Grand loo Cream Food 
(US) 


Initial 22 % 
stake 


NatWest Bank (UK)/ 
Wheefock (HK) 


Wheetock NatWest (JV) Stockbroking 067m 


NatWest 
re-enters HK 
broking 


General Motors (US)/ 
Hindustan Motors (India) 


Auto 

manufacture 


Indie 
attracting 
foreign funds' 


FUR Nabisco (US) 


FUR ABmerrtadon (Spain) 


Buying out 
Tabacalara 


Jarvis Porter (UK) 


Units of Nederiandse 
Graftsche 


Print 1 
packaging 


Strategic 
triple purchase 


Smith A Nephew (UK)/ 
Advanced llssueSctartces 
(US) 


Biotechnology 


Living tissue 
venture 


Euromoney Publications 
(UK) 


Adhesion at AssodAs 
(France) 


Inttal 4896 
stake 


SANDOZ 


SANDOZ LTD., Basle 


Notice 


to the holders of Warrants to acquire Bearer Shares 
(«BS») and Bearer Participation Certificates («BPC») of 
Sandoz Ltd. originally attached to the 4% Bonds Sandoz 
Overseas Finance Ltd, Road Town, Tortola, British Virgin 
Islands 1991-September 30, 1998 of US$ 500.000,000.-. 


The Ordinary General Meeting of Shareholders of Sandoz Ltd., Basle, decided 
among other things to convert its Bearer Participation Certificates into Registered 
Shares (aRS») at the ratio of 1 to 5 and to split its Bearer and Registered Shares 
at the ratio of 1 to 5 as per May 16, 1994. As a result the conditions of the War- 
rants as mentioned in the Offering Circular, dated September 26. 1991. will be 
adjusted as follows: 


Bearer Share Warrants: 

25 Warrants entitle the holder to acquire 5 Bearer Shares of Sfr. 20.- nomi- 
nal value of Sandoz Ltd. (formerly: 1 Bearer Share of Sfr. 100.- nominal 
value) at a price of Sfr. 482.- (formerly: Sfr. 2410.-) for each Share. 


BPC Warrants: 

25 Warrants entitle the holder to acquire 5 Registered Shares of Sfr. 20.- 
nominai value of Sandoz Ltd. (formerly: 1 Bearer Participation Certificate of 
Sfr. 100.- nominal value) at a price of Sfr. 448.- (formerly: Sfr. 2240.-) for 
each Share. 

Recognition as a Registered Shareholder with voting rights is assured upon 
entry in the Share Register subject to the restrictions set forth in Article 5 
of the Articles of Association. In particular, the total number of Shares 
entered per voting shareholder, or group of shareholders, shall be 
restricted to two percent of the Registered Share Capital entered in the 
Commercial Register. It is up to the purchaser of the Registered Shares to 
submit an Application for Registration to Sandoz Ltd. The validity of the 
exercise of the Warrant will not be affected if such purchaser is rejected by 
Sandoz Ltd. as a Shareholder entitled to vote. 


The adjustment of the Conditions of the Warrants becomes effective immedi- 
ately. All other conditions remain unchanged. 


Zurich, May 16. 1994 


By order 

UNION BANK OF SWITZERLAND 



Swiss Sac. No. 

ISINMo. 

Bond with Warrant* 

991848 

XS0B33S51887 

BS Warrants 

994.161 

XS00339521S2 

BPC Warrants (aid) 1 RS Warrants (now) 

994.162 

XS0033952376 



"GMS-FutureV 


Goldman 
Sachs takes 
main stake 
in cable 
consortium 


JOB firing on all cylinders 

How Bamford faced up to the recession. Andrew Baxter reports 

JCSs recovering from recession 

%J meat group, has a justifi- _ _ sties value 


By Raymond Srroddy 


whole of last year and 79 
In the last three months of 
1993. 

Mr Austin said that, while 
there were a substantial num- 
ber of companies waiting to 
float, he did not expect the 
value of funds raised to equal 
the first four months. 

1 think we have seen the 
peak." he said. 

The largest issue currently 
being expected by the market 
is the flotation of the venture 
capital group, 3L 


I Goldman Sachs, the 
International investment 
bank, has demonstrated its 
faith in the future of the Brit- 
Ish cable industry by taking a 
significant stake in a large 
cable operation in the Notting- 
ham area. . 

The US group has taken 
the largest financial stake 
in a consortium that has 
acquired control of Diamond 
Cable, which owns seven fran- 
chises covering more than 
530,000 homes in the east Mid- 
lands. 

Goldman has been interested 
in UK cable for some time and 
Is one of the financial houses 
involved in the flotation of 
Telewest, the largest cable 
operator in the UK. But this is 
its first direct stake in the 
industry. 

Values of £200 or more are 
now being quoted for each 
home in a cable franchise area 
so the Diamond deal could eas- 
ily be worth more than £100m 
overall, although no price has 
been disclosed. It could cost a 
further £200m to complete the 
franchises. 

Goldman Sachs is in part- 
nership with two US cable 
investors, Mr Bob Goad and 
Mr Ralph Booth, through their 
company European Cable Cap- 
ital Partners. 

The group of franchises 
came on the market because of 
foe death of their founder, Mr 
Alan McDonald, whose family 
will retain a 20 per cent inter- 
esh 

Work on the Nottingham 
network was badly hit by Mr 
McDonald's death. 

Now the intention is to take 
several hundred people on dur- 
ing the next few weeks to 
speed up construction of the 
network. 

The Nottingham franchises 
offer both television and tele- 
phone services - at the 
moment there are more tele- 
phone subscribers than televi- 
sion subscribers. 

. Goldman has no present 
plans to take further cable 
industry stakes but regards , 
the Diamond deal as providing 
valuable information about 
the realities of foe industry as 
well as “patting our money 
where our mouth is.” 

The sale of Diamond was 
handled by the NatWest 
Bank. 


J C Bamford, the UK's big- 
gest construction equip- 
ment group, has a Justifi- 
able reputation for its product 
range, design innovation and 
marketing flair, but its profits 
have always been more of an 
unkno wn quantity. 

That is because the Stafford- 
shire-based company, owned 
by the Bamford family, has 
long preferred to keep its key 
figures to itself. But now Sir 
Anthony Bamford, chairman, 
has opened the books - at least 
partially. 

Cynics might suggest the 
riming of the announcement is 
no accident After the worst 
recession in the industry’s his- 
tory. JCB has recovered 
strongly from the downturn, as 
the table shows, and Sir 
Anthony believes pre-tax prof - 
its will rise to £3Qm-£40m this 
year. 

In fact, the company has 
recently introduced a tax-free 
profit-related pay scheme, 
which obliges It to give 
employees more details of its 
financial performance. And, 
says Sir Anthony, people out- 
side the company may also be 
interested in hearing about the 
financial side of a British engi- 
neering success story. 

He stresses, however, that 
there is no other motive. JCB 
has no outside shareholders 
and no debt and Sr Anthony 
says: “We are not about to 
issue a bond or float foe com- 
pany-" 

The figures revealed by JCB 
reflect a creditable perfor- 
mance coming through the 
recession without dropping 
into the red, but also suggest 
there is plenty of room for 
improvement 

The effects of the downturn 
are shown in the sharp reduc- 
tion of units sold, to 10,642 in 
1991, and in the low point for 
turnover of £312L3m the same 
year - when UK sales were lit- 


Maetaneasotd 
Thousand 
20 


& Overseas 
■ UK - 


Sties value 

Cm 



90 91 82 


90 91 82 83 


Pre-tax profit 
Em 

40 


Return on net assets 

96 

40 



30 



1838 90 01 92 83 


1968 90 91 82 S3 



Sooc* jce 


tie more than half the level of 
1989. 

Margins have also been 
severely squeezed by the com- 
petition for sales in what has 
been a buyers’ market JCB’s 
pre-tax return on sales aver- 
aged 11 per cent during the 
1980s but plunged to just 2J3 
per cent in 1992. 

Last year’s recovery was due 
partly to a big upturn in UK 
sales, now virtually the same 
as In 1989, while a strong surge 
in US sales helped trim the 
overall downturn overseas. 

However, the recovery - and 
the fact that JCB avoided a 
loss even in the dark days of 
1991 and 1992 - also reflected 
internal measures. “We have 
faced up to reality, have looked 
at some pretty bleak scenarios, 
and have decided what we 
need to do," says Mr Martin 
Coyne, chief executive. 

By Last year the group bad 
reduced its break-even volume 
to 12 per cent of the 19S0 level. 


through looking hard at its 
overheads and distribution 
costs and by obtaining better 
prices for its products. 

There has also been a signifi- 
cant tumround from a modest 
cash outflow in 1990 to a very 
positive cash Inflow of £52m 
last year, due to better control 
of working capital. Machine 
stocks held by overseas subsid- 
iaries were reduced by £l6m 
Last year, says Mr Tim Lead- 
heater, commercial and plan- 
ning director. 


N onetheless, the return 
on sales last year was 
still only 6.7 per emit 
and Mr Coyne says anything 
less than 10 per cent is “not 
acceptable.” The target is 12 
per cent, which Mr Coyne says 
could be achieved next year. 

The immediate challenge for 
JCB is to stem losses at its 
wheeled loader division and at 
JCB-SCM, its excavator joint 
venture with Japan’s Sumi- 


De La Rue may act over bid rumour 


By Peggy HoBnger 


De La Rue, the banknote 
printer, may be forced to make 
a statement this week follow- 
ing heavy speculation at the 
weekend that it is in takeover 
talks with Portals, the high 
security paper manufacturer. 

Neither company would com- 
ment on the speculation yester- 
day, which followed an 
announcement from Portals on 
Friday that it had received a 
possible bid approach. 

However, Mr Les Cullen, De 


La Rue’s finance director, said 
the company was “very con- 
cerned about the speculation”. 

the board is expected this 
morning to consider making an 
announcement if De La Rue’s 
shares suffer as a result of the 
market rumours. On Friday, 
De La Rue closed 7p down at 
878p. 

Portals, which has a market 
value of about £5Q0m, is expec- 
ted to make a further 
announcement on the takeover 
talks within the next couple of 
weeks. 


The market has also identi- 
fied Azjo Wiggins Appleton, 
the Anglo-French paper group, 
as a potential bidder. 

However, De La Rue, with its 
£200m cash pile, appears to be 
the favourite. The company 
has made no secret of its 
intention to hit the acquisition 
trail 

Portals, which supplies paper 
to De La Rue, claims 50 per 
cent of the available world 
market in banknotes and sec- 
ond place in the global tea bag 
market 


Notice of Partial Early Redemption 


* 


RUSSIAN - BELGIAN BANK 
IS LOOKING FOR A PARTNER 


CREDIT D’EQUEPEMENT 

DES PETZTES ET MOYENNES ENTREPRISES 


UP TO U.S. $200,000,000 


The "Unibest" Commercial Bank was registered in March 1992 as a 
commercial bank, PLC. Its Authorised Fund amounts to 5 billion rubles. 
All the bank's activities are insured by one of the "Unibest" Bank 
shareholders - "Stinvest" State Insurance Company. 


Guaranteed Floating Rate Notes due 1996- 
of which U-S. $100,000^000 u die initial Tranche. 
Principal Repayment in U-S. DoOara or Pounds Sterling at the 
option of the Ho Idee. 


THE "UNZBEST BANK CARRIES OUT 
THE FOLLOWING OPERATIONS: 


Q Merger operations. 

□ Short term speculations including all of Russia's Financial 
Instruments. 

O Mortgaging projects in Moscow and St Petersburg. 

O Diversification of capital in currency deposits and securities 
(Portfolio). 

□ Organisation of financial and investment projects, according to 
foreign investor’s preference. 

O Operations with state liabilities of the internal currency loan. 


With a view to strengthening mutually beneficial business contacts with 
the reliable financial partner the "Unibest" Bank is ready to let him have 
up to 20% of the presently selling stock issue for 5 billion rubles of 
authorised capital. 


NOTICE IS HEREBY GIVEN chat in accordance "with the Terms 
and Conditions of the Notes for the Interest Payment Dare failing In 
■July 1994, Credit d’Equipemeot will at the election of the holder of 
any Note, (i) redeem $2,000 of each $10,00) initial principal 
amount of any Note in U-S. dollars or, at the holder’s option in 
pounds sterling at the fixed exchange race of$1. 3770 for £1.00 in lieu 
of any of the U-S. dollar payments of principal due to the holder or 
(ii) deliver to the holder of such Note a substitute certificate 
reflecting Credit d'Equiperaem's obligation to pay on the Interest 1 
Paymenc Dare falling in July 1996, the sum of $2,000 for each such 
5 10, (XX) initial principal amount, beating interest at the woe 
provided for the Nates and on the same terms and conditions as 
applicable to the Notes, accept that such Certificates (a) shall w* 
provide for partial eariy redemption at the holder’s election, (b) shall 
not provide payment in pounds sterling ax the holders option and (t) 
diall be in the denomination of $2,000 in bearer form 'With 
appropriate coupons attached and In the denomination of **. 

any integral multiple thereof in registered form withnitcpuppot- 

To exercise the election the holder must present sucWNote, with the. 
fonn of election duly completed by the holder or his agent]. m the 
Fiscal Agent or any paying agency not less than three business day* 

nor more chan 30 days prior co such Interest Payment Date. 

Any holder who fails to make the election in accordance with (i) or 
(ii) of the Terms and Conditions as w die Interest Payment Date 
during the relevant time period specified shall have elected 
redemption pursuant to Clause (i) in U.S. dollars. Each: such 
election is Irrevocable. " 


Sir Anthony, looking for £30m 
to £40m In toe current year 


tomo Comtructkm Maebtossy. 

The venture had takusepeo- 
ted to get into the black this 
year, but the downturn in the 
European excavator market 
and the strength of the yen 
have put it -about two years 
behind schedule. 

The wheeled loader division, 
meanwhile, has long been in 
need of a main product devel- 
opment programme, width 'has 
just culminated in the- launch 
of new products. Sir Anthony 
says he Is not sure whan ft will 
return to profit 

A further rise in group prof- 
its this year would stifi put 
JCB short of its record Efim in 
1988, when the construction 
equipment industry was at the 
peak of an artificially high 
baom- 

However, Sir Anthony 
believes sales will hit a 
record £455m this year, up 15 
per cent on 1993, and JCB 
looks on course to achieve 
that 


PENTOS: the. recent rights 
issue of 191.89m shares has 
been taken up as 83 per cent cf 
the offer . 

GASKET has settled its litiga- 
tion, begun in 1989, with cer- 
tain former directors of King* 
ley & Forester Group. Costs of 
£250,000 will be charged to the 
accounts for the period aiding 
March 31. 

FKI has, through its Acco 
Systems offshoot, won four 
contracts worth' ; .$I5.6m 
(£10.&n) from General Motan 
for the supply of material 
handling equipment and sys- 
tems. 


I'.l 


□ Rankers Trust 
Comnan v. Lon 


u Company, London 
16th May, 1994 


AgentBanfc 


if you need any reference please contact 


Mr Emmanuel Van TUlo 
f'Spaarkrediet" Bank. Antwerp, Belgium, 
Tel: 03X223-02-70, Fax: 03X226-36-82). 


Standard & Chartered 


Unibest Bank 

5, Novo-Zykovsky proezd, Moscow. 125167 Russian Federation 
Fax: (095J 956-15-47, Tel: (095) 956-15-50. Telex: 911088 ustin su 





- Of 1 — * 1 Manual) 


IF YOU GO DOWN TO THE WOODS TODAY 

One thing is certain as ft when tew nwrfrcte strive, the vast majority of investors 
will suffer whilst the kiwwtedgoable will pick up the bargains of 0 lifetime. 1 Avoid 
the pitfalls of investments in the 1990s & ring 061 474 0080 to book your FREE 
place at the IDS Cano Seminar. 


i iUnM hmw» —a m* i U i q iwi nn o n i i- 

PatLngfMK Tat 061 834938). taeotmSM 


FT Surveys 


Standard Chartered PLC 

US$400,000,000 Undated Primary Capital 
Floating Rate Notes 

In accordance with the provisions of the Notes, 
notice is hereby given that for the Interest 
Determination period from 16th May 1994 to 
16th June 1994 the Notes will carry interest at 
the rate of 5.4375 per cent per annum. 

Interest accrued to f6th June 1994 and 
payable on 12th July 1994 will amount to 
US$46.82 per US$10,000 Note and US$468^3 
per US$100,000 Note. 

West Merchant Bank Limited 
Agent Bank 


c 


% - 






FINANCIAL TIMES MONDAY MAY 16 1994 


•• 'V- * 




4 A ■***■ — . Jir- 


it x 


V .-A JEJ if ’%| 

so /iv 9 


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t*, * .. .. - <5> t 


Issfc 





'M* >' 


^ V _ * 

v , Last year. Merrill Lynch was responsible 



to more countries, companies and v^- ' SjS 

'w individuals, with more underwriting 

4 #* 

and financial advice in more markets A* 


*y j& ^ and across more borders, than any 


firm in history. And clients trusted 
MerriH Lynch with more of their 
assets than any other United States 
securities firm: over $540 billion. 




'y; $ /... , 

V \-^&V ; V; :> 

l •••<;. ; 



f* * ■» 

i :•;. --s A •;>< ,;-.r.'i. .* 


THE DIFFERENCE 
BETWEEN BEING BULLISH 
ON AMERICA AND BULLISH 
ON THE WORLD 


Slowly and cautiously, the economies of our world are coming 
together. Command economies have gradually toppled and 
free markets are flourishing. Today, trading alliances are being 
formed that promise to become stronger than the nations 
that comprise them. 

But as the world grows closer, it also grows more complex. So, 
too, has Merrill Lynch evolved. We have people and capabilities 
in place throughout the world, and our reach is unmatched. 

But we have learned that competing in the global marketplace 
requires more than global resources - it requires global resource- 
fulness: intelligence, creativity, agility and understanding. 

Everywhere we serve the world, Merrill Lynch acts as a catalyst 


to bring people together with opportunities. Merrill Lynch 
can help clients harness the power of global interdependence. 
So an investor in Asia can profit from the efforts of business 
people in Argentina and vice versa. 

Wherever we are in the world, we focus on our clients and 
build long-term relationships with them; we use teamwork to 
deliver seamless integration of our services; we respect our 
clients and colleagues as individuals; we act as responsible 
dozens in the communities in which we live and work; and, 
above all, we maintain our reputation for integrity. 

Our world is being brought together, not simply by the mandate 
of nations but by the power of individuals who allow themselves 
to hope for a better life. 

Although the road may not be easy or quick, we believe we 
can help our clients achieve even greater successes, in a world 
brought together by individuals with hope. We think that 
makes the difference - all the difference in the world. 

The difference is Merrill Lynch. 



Merrill Lynch 

A tradition of trust. 




18 


To the Holders of 

Middletown Trust 

10%% Notes Series B due 1998 


NOTICE tS HEREBY GIVEN that, pursuant to Article Seven of the General Covenant, for the Sinking Fund due July 15, 1994 US. $16,560,000 
of the Notes wBi be redeemed at 100% of Ifteir principal amount plus accrued interest to July 15, 1994, when Interest on the Notes redeemed shall 
cease to accrue. FoBowtag the above redemption, U.S. S86525XKJ0 lOMLNatee Series B due 1998 and U.S. $37,205, QQQIW&Notas Series C 
cfua 2010 wtii remain outstarxfinQ. 

The redemption price and accrued interest are payable against surrender of the Bearer Notes together wflh afl coupons maturing subsequent lo 
July 15. 1994 at the offices oJ lire Paying Agents outskJe at the United States fisted beJow:- 

The Chase Manhattan Bank. N A Chase Manhattan Bank Banque Bruxelles Lambert Chase Manhattan Bank 

Wootgate House Luxembourg, SA Avenue Marnix 24 {Switzerland) 

Coternan Street 5RuePlaetfs 1050 Brussels 63 Rue du Rhone 

London EC2P2HD L-2338 Belgium CB-1204 Geneva 

England Uxambourg-Grund Switzerland 


The serial numbers at U.S. $18,560,000 Bearer Notes to be redeemed are as follows: 


3 

645 

1799 

are 

38U 

4598 

5603 

8497 

7391 

8294 

9268 

10268 

11239 

12228 

191® 

14125 

15151 

1®11 

(6854 

17872 

18801 

19774 

S 

853 

1730 

2993 

3817 

4909 

5512 

6505 

7394 

8297 

9273 

10283 

11341 

12228 

131% 

14139 

15154 

16014 

10999 

17882 

18809 

19778 

12 

854 

1739 

2697 

3828 

4802 

5513 

6507 

7398 

IjjKp 

9276 

10287 

112*2 

12230 

13140 

14143 

15101 

(60S* 


17883 

1880S 

19783 

18 

855 

1744 

2899 

3832 

4664 

9615 

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7400 

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9278 

10293 

11240 

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15108 

16027 

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>17884 

18809 

19784 

as 

859 

1745 

2703 

3650 

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8305 

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11275 

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16032 


17887 

18810 

19601 

34 

861 

1783 

2708 

3881 

4616 

5519 

6533 

7402 

8324 

0306 

10298 

11291 

12249 

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15173 

10034 

10987 

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19803 

35 

886 

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17916 

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19807 

38 

894 

1773 

2720 

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16040 


17919 

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43 

900 

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9321 

10318 

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48 

904 

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2/42 

3700 

4655 

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11320 

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14170 

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17000 

17927 

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914 

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19771 



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FINANCIAL TIMES MONDAY MAY U 1994 


COMPANIES AMP FINANCE 



Competition hits profits 
at Singapore Airlines 


By Kieran Cooke 
hi Kuala Lumpur 


Singapore Airlines (SIA), 
consistently one of the world’s 
most profitable carriers, said 
intense competition mid the 
conti Tinlng strength of the 
Singapore dollar caused profits 
last year to decline. 

For the year muted Harris 
pre-tax profits dipped to 
S$87lm (US$555m), a 7.7 per 
cent reduction over 1992-93. It 
is paying an unchanged, total 
dividend of 22.6 Singapore 
cents. 

Group revenues rose 10.4 per 
cent to S$6.24bn and the air- 
line’s overall load factor seen 
In the industry as an impor- 
tant barometer of performance 
- improved by L7 per emit to 
E&5 per cent, in spite of a sig- 
nificant growth in capacity. 

Passenger revenues rose by 
7.2 per cent and cargo revenues 
by 14J5 per cent 

However, price competition, 
particularly on European 
routes, and the strength of the 
Singapore dollar poshed yields 



SIA claims the most modern 
fleet among main carriers 


down by 6^5 per cent Analysts 
estimate that nearly SO per 
cent of SZA's overall revenues 
come from its European and 
transatlantic routes. 

In the past, SIA has benefi- 
ted from significantly lower 
staff costs compared with car- 
riers in the industrialised 
countries. However, increased 


wage costs axe chi p p in g away 
at SIA’s competitive advan- 
tage: staff costs in the last 12 
months went up by more than 
21 per cent 

To reduce operational costs 
SIA has opened a computer 
software development and 
maintenance facility In India, 
where wages are considerably 
lower than in Singapore. The 
airline Is also considering 
transferring its reservations 
service to India. 

SIA's performance improved 
in the second half of 199344. 
Mr Cheong Ctaoong Kong. 
SIA's managing director, said 
there was some indication that 
the worst was over, and 
described 139495 as a year of 
transition. 

The carrier claims the most 
modern fleet m ate car- 

riers. with its 64 aircraft hav- 
ing an average age of five 
years. It has forecast annual 
growth of 8 to 9 per cent until 
the end of the decade, and Is 
negotiating an order for up to 
52 wide-body airliners worth 
more than J6bn. 


Endesa book-building begins 


By Tom Bums In Madrid 


Book-building for the global 
share offer in Endesa, the big 
Spanish electrical utility, has 
officially begun and subscrip- 
tions for the domestic retail 
tranche of the shares open on 
Wednesday. 

The offer Is being made by 
Endesa's chief shareholder 
Grupo Teneo, which is part of 
INI, the public-sector corpora- 
tion. It will reduce its holding 
from % per cent to 65 per cent 

When Teneo announced the 
issue In February, It confi- 
dently expected It to bring In 
around Pta200bn (?L45bn). 


At current prices the offer- 
ing, which will be managed by 
Goldman Sachs and by Argen- 
taria, the state -controlled 
domestic bank, is unlikely to 
raise more than PtalTObn. 

In February, Endesa shares 
were trading on the Madrid 
stock market at Pta7^5Q. On 
Friday they closed at Pta6,500: 
their January high was 
Pta7,90Q. 

The expected reduction in 
sale proceeds wffi deal a severe 
blow to Spain’s cash-strapped 
public sector. Endesa is by far 
the most important profit 
earner among state-controlled >, 
companies. 


The proceeds shortfall of 
some Pta30bn at current prices 
is equivalent to around half 
the losses posted last year by 
Iberia, the state airline and the 
biggest loss-maker in the 
Teneo group. 

Mr Luis Saenz, Teneo’s 
financial director, said funds 
raised from, the Endesa offer- 
ing would go towards consoli- 
dating the rest of the industrial 
group. 

Losses at Iberia were chiefly 
responsible for dragging down 
Teneo’s profits from Pta21bn to 
PtaSbn last year. Losses at Rfi, 
Teneo's parent, totalled 
Ptal25bn last year. 


SmithKline 
in agreement 
on dmetidine 


By Daniel Green in London 


SmithKline Beecham, the 
Angio-OS drugs company, has 
reached an out-of-court settle- 
ment with Novopharm. a OS 
manufacturer of generic 
unbranded drags, and Scheln, 
Its distributor, on the market- 
ing of cimetidlne, a generic 
version of Tagamet, its best 
selling ulcer treatment drug. 

The OS patent on Tagamet 
runs out tomorrow. Under the 
agreement, Novopharm will be 
able to market cimetidine from 
Wednesday. 

Last week, SmithKline 
applied for an Injunction 
against Novopharm, citing 
patent and trademark infringe- 
ments: Tagamet tablets are 
green, as were the dmetidine 
pills Novopharm proposed to 
sell 

Under the settlement, Novo- 
pharm's dmetidine tablets will 
be a darker green rather than 
Urn pale green of Tagamet 

Novopharm is likely to he 
one of many generics compa- 
nies selling dmetidine. Smitta- 
KUne has in the past said that 
up to 10 could eventually com- 
pete for the market 

Tagamet's OS sales are 
worth $850m a year. The 
generic products will be sold at 
a discount that Novopharm 
estimates to be 30 to SO per 
cent of the branded drug’s 
price. Previous price wars 
between generics companies 
with other products have taken 
the discount beyond 80 per 
cent. 


Australian satellite-TV 
group plans placing 


By Nfldd TaJt in Sydney 


Australis, the would-be 
Australian satellite broad- 
caster, has secured commit- 
ments from both international 
and domestic institutions, 
which would allow a A$V75m 
(US$l26m) private placement of 
shares or debentures to go 
ahead. The stock was priced at 
A$L30, a small discount to the 
current Australis share price 
of A$L4ft 

The placement, of 135m 
shares or debentures, Is subject 
to approval by Australia’s 
existing shareholders, and a 
meeting will be called shortly. 

The fundraising marics a fur- 
ther step towards the compa- 


ny’s goal of having a satellite 
pay-TV system up and running 
by the end of this calender 
year. The fledgling company, 
which was floated on the stock- 
market last year, became, the 
surprise owner of one of the 
two publicly -available satellite 
licences. 

In recent weeks, Australis 
has put out a flurry of 
announcements, suggesting 
that its plans are beginning to 
crystallise. It announced that 
Telecommunications too, the 
largest US cable company, was 
making a small direct invest- 
ment In Australis, and 
unveiled a programming tie-up 
between itself, TCI and TCI- 
related companies. 


Thai banks show benefit of 
wide margins on lending 


By Victor Maflot In Bangkok 


First results from Thai 
commercial banks for 1394 sug- 
gest that the sector is continu- 
ing to increase profits by main- 
taining wide spreads between 
deposit and lending rates. 

Siam Commercial Bank 
announced yesterday that net 
profit in the first quarter rose 
by 20 per cent to Btl.41bn 
($56m) from BtLUBbu, while the 
smaller Bank of Asia more 
than doubled its net profit to 
Bt2653m from Btl29j9m. Bank 
of Ayudhya reported a 24 per 
cent rise to BtSOO.Tm from 
BK47.8m. 


Full details have yet to be 
released, but bank executives 
said their cost of foods had 
remained low in the first quar- 
ter - a situation which is 
unlikely to continue through- 
out the year - while some 
lending rates had risen. 

• Serin Shk, bottler and dis- 
tributor of PepsL-Cola products 
In Thailand, reported a 72 per 
cent rise in first-quarter net 
profit to Bt97.3m from B£3B.4m. 

PepsiCo is planning to 
increase its stake In Serm Suk 
from 28 per cent to 42 per cent 
and use the company as a 
vehicle for expansion into 
other markets In the region. 


Alcatel tries 
to keep 
Turkish 
unit afloat 


By John Murray Brown 

In Ankara 


Alcatel BY, a Beirut 
subsidiary of the French few. 
communications group, [j 
negotiating a SlfiOm tan to 
toe Turkish government ^ 
attempt to keep its Turkish 
subsidiary afloat 

The loan would allow fo 
PTT. the Turkish state tele, 
corns company, to settle its 
TL4,000bn ($120m) debts to 
Teleta§, Alcatel’s 65 per can 
owned subsidiary. Senior Bel- 
gian Alcatel executives were 
in Turkey on Friday tryinyto 
wto backing for the scheme. 

Telefax's troubles hi g hli g ht 
the problems of companies 
dependent on government con- 
tracts in the face of the eco- 
nomic downturn. Teletaj 
derives 95 per cent of sales 
from the FIT. 

The collapse of Teletat, 
which was span off foam foe 
PTT In 1988, would further 
undermine International confi- 
dence in Turkey's propose! 
programme of privatisations. 

Turkey has mandated 
S.G. Warburg to seQ cranert 
flWe bonds in the PTT, as a 
first step towards floating it 
Tta government hopes to mbs 
&5bn this year alone, selling 
stakes In petroleum refining 
and distribution group s, a 
steel concern and THY, the 
national carrier. 

Last month, Teteta$ sought 
court protection from credi- 
tors, owing TL2,743ba to 34 
foreign and Turkish banks. 

The crisis caused the resig- 
nation of the Teleta? president 
Mr Sakip Sabanci. With 
Akbank, the Sabanci family 
bank, one of the largest trade 
creditors of Teletag, Hr 
Sabanci indicated he wanted 
to shelter from allegations of 
conflict of interest 

Three Taridsh hanks, Demlr- 
bank, Vakifbank and Altera- 
ttfbank, hold liens against 
company assets. The remain- 
ing creditors, of which Soctttt 
G£n£rale, the French bank, 
has the largest exposure, are 
unsecured. 

If less than 75 per cant of 
creditors agree to Telefax's 
proposed rescheduling, the 
court will force the company 
to dedare itself bankrupt 


Hollinger ahead 
in first quarter 


Hollinger, the Canadian 
holding company of Mr Con- 
rad Black, says its pubtishhtg 
properties are improving with 
a significant recovery la 
advertising, writes Robert 
Gib bens in Montreal. 

First-quarter profit win 
C*12Jhn (US$9. lm) or 22 cub 
a share, against C$l3.7m or # 
emits a year earlier. \ 

Hollinger owns newspaper 
holdings in North America 
Australia and Israel, and fl&3 
per cent of the Telegraph 
Group In the UK. 


Recovery at 
Tabacalera 


Tabacalera, 'the partly-, 
privatised Spanish tobacco 
monopoly, saw earning 
recover in the first quarter rf 
the year after a sharp setback 
in 1993, writes David White in 
Madrid. 

Pre-tax profits ware 17 j» 
cent higher at just trader 
Pta4bn ($29m). Net sate 
reversed last year's bend a 
increase by 9 per cent to 
Ptal40bn in tire three monte- 


Four ambitions and a film studio 


Continued from Page 15 


the only European-based stu- 
dio. The only and unique case 
of a [European] film company 
with its own distribution.” By 
1996 he hopes to be producing 
15 to 20 feature films a year. 

Because the company is tak- 
ing on a larger number of more 
ambitions pictures and han- 
dling more of the distribution 
itself, Mr Kuhn will later this 
year have to go back to his 
board to ask for more backing, 
The original dead, designed to 
take PolyGram into the main- 
stream movie business, 
announced hi 1891, Involved an 
Initial investment of around 


5200m over three years. 

That may have to rise to 
$40Gm compared with the 
$500m to $ibn of working capi- 
tal needed by an orthodox 
major studio. "Once we emerge 
from the chrysalis, suddenly 
you wfll see. I hope you will 
see anyway, a significant 
increase in shareholder value. 
This is no longer a record com- 
pany. This is an entertainment 
company,” says Mr Kuhn. 

He had to edge into film pro- 
duction through music videos 
and later music films after a 
disastrous previous attempt to 
take on Hollywood with Poly- 
Gram Pictures. Combined with 
the 1979-81 recession in the 


record business, "PolyGram 
was bust,” be says. 

He had four ambitions: he 
tackled production first 
through the acquisition of 
stakes in independents rather 
than spending billions of dol- 
lars buying an established stu- 
dio. So PolyGram acquired or 
took large stakes in indepen- 
dents such as Working Title 
(My Beautiful LaundreUeX Pro- 
paganda Films (WUd at Bunt) 
and Interscope (Three Men and 
a Baby) - the last, a (35m deal, 
came with 75 projects in devel- 
opment 

The second ambition was to 
add video distribution to the 
group's existing international 


record distribution oetwoifc 
The third was to set upjb* 
mercy as its North Ameno® 
distribution company 
smaller films - big pictures jf 
the OS still go through ta* 

tiottal distribution channels- 

Kahn’s fourth ambition Is ® 
acquire a major film catalog 
to smooth out the troughs » 
film dis tri b u tion. 

As Four Wedding* * 
Funeral opens in the UK, ha® 
very enthusiastic about a w* 
PolyGram film, PnsdQtt (?f*® 
of the Desert, about three tt®*- 
vestiies travelling across Ap- 
tralia to perform at AM® 
Springs. And that only && 
S2m to make. 


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u »it» 


FINANCIAL TIMES MONDAY MAY 16 1994 


DIVIDEND & INTEREST PAYMENTS 


•- : u* 


■ TODAY 

AWwy National 9.8Sp 
Moo NoM FL15.0 
Da Bearer Carta, FL1S.Q 
Aon $0.48 
Areoiectrfc o.eep 
Do. A N/Vtg- 0.66p 
Britannia BUg. Scty. FRN 1996 
Cl 3185 

Bumdene Invs. IBM Un. Ln. 2007/ 
12 £750 

Chose Manhattan $033 
Cofgate-PaJmoWve 30.36 
Commonwealth Bank of Auat Htfff 

93S% Nta. 1996 AS97.50 
Export-Import Bmk of Japan 10 *% 
GtdBd. 2001 £107.50 
M59p 

W. Sank for Reconstruction & 
DwtpmnL 11K% Nta. 1995 £112^Q 
InvBstora Capttal Tst 4M Db. C2.0 

UK COMPANIES 


Steam Padwt 7J5p 

JIB Grp. op 

Ktofowbrt Benson lisp 
MacaHan-GtenBvet 0.74p 
Manders 7.1p 
Marsh & Mdleonan SO.075 
Mae O'Ferrafl lOp 

$008 V SS7^ V>r “ ,0 ^' te - 

Nfchote (JN) (Vlmto) Iflp 
Pal CWp. 50.0925 
Premium Tat 0_25p 

Sheffield! Insulations I6p 
StopbankSflr.B Und. Sb. Var. Rata 
Nts. $109.01 

Sumitomo Bank Int Hn. Qt&FRN 
2000 *9137 


Thotpe (FYV) ip 
7>ace Computers 155p 
Treasury 2% U_ 1984 £1.379 

■ TOMORROW 
ASW Hfdga. 3p 
Capita &p. l.7p 
Coats V^efla 4.75p 
Commercial Union 9.75p 

Drfva Sec. Class A FRN 1996 

£13194 

Da Mezzanine FRN 1996 £15146 
Bactricita da Ranee 11MM GtcL 
Serial bv 200902 £293,75 
Enao-Gutiffltt A FM0J30 
Da R FM0-60 
Goal Petroleum l.46p 
HSBC Sb. Cam FRN 2008 *25.14 
Laporte lisp 
Manchester Uid 15p 
Wnemta Ofia & Resources $0.18 


THE WEEK AHEAD 


National & Provincial Bldg. Scty. 

FRN 1999 smoi 
Nat West Bank Jnr.Gtd FRN 
$12160 
Raftjpa 7j9p 

Royal Bank of Scotland FRN 2005 

£64.01 

Schofl 18p 

Store B Free SKBJ50 

Toyobo FRN Feb.1998 YB7333J0 

Treasury 9% Ln. 1994 £4^0 

■ WEDNESDAY MAY 18 
Argos 5J65p 

Bank of Scotland Und. Fhg. Rate 
Cap. Nts. $185.40 
Britannia Bldg. Scty. FRN 1995 
£127.40 

Cteao Manhattan FRN 2000 $12181 
Gen. Motors Acceptance 10 % Nts. 
May 1994 $500.0 


Henderson highland Tst 1.4p 

Homby Grp. 9p 

Lloyds Bank Ser.B Var. Rate Fin. 
Sb, Nts. 1998 £13194 
Midland Bank Sb. FRN 2001 £83.70 
Reed Int I2.75p 

Rhw & Mareanttta Am. Cap. A ha 
Tst 2.4p 

Waite Fargo FJtg. Rate Sb. Cap. 
m. 1998 *91.16 

Woolwich Bfog- Scty. FRN May 1994 
£12101 

Treasury 10% 2004 £5.0 

■ THURSDAY MAY 18 
Bemrosa 7.45p 
Bluebird Toys 16p 
Bournemouth Water 9lp 

Brttannlo Asaunmca irep 
Bum Stewart Dlstfllers 1.7p 
Capital Inds. 2.4p 


Exchequer 9% 2002 £4.50 
Export-Import Bank of Japan 9%% 
Gtri-BcL 1999 *48710 
Lambert Howarth &25p 
PSO 7H% Cv. Bd. 2003 S36L25 
Treasury 1014% 1999 £125 
Wefleome 9%% Bd. 2006 £97.50 
West Hampshire Water 60 p 
Da NMg. 60p 

■ FRIDAY MAY 20 

Blue Circle 8%H Sb.Cv.Bd. 2002 

£68.75 

CalerpBtarSO.15 
CantreGoW 18p 
Deutsche Bank Br DM1 6-50 
EBCl25p 

Exchequer 12% 1886 £6.0 
Rntrust 9%% Db. 2023 £4125 
Hasbro $007 
Hodder Headline 135p 


Home Counties Newspapers 2-Sp 
Lee Refrigeration 5p 
Life Sciences 2jp 

LBHput 0.6p 
Lloyd Thompson 2.4p 
Malfett 15p 
Mayflower 0.9p 
Merchant? Tst 2^5p 

Portugal (Rep oQ 9% Ln. 2016 

£225.0 

Preesae CL75p 

Sea Containera A SOI 925 

Do.BS0.175 

Sime Darby MSO035 

Sumtt SL3p 

Treasury 216% LL. 2003 £12521 
Treasury 2%% LL 2009 £12521 
UDO 2_22p 
Unflever FL.4.40 
UnSever Il95p 
Wasscfll4p 


Watts Fargo $1.0 
Watharspoon (JO) £2p 
WOodchester Invs. IR3.09p 

■ SATURDAY MAY 21 
Treasury 12W% 2003/05 0125 

■ SUNDAY MAY 22 
Conversion 1014% 1999 £1125 
TSB Offshore Inv. Ptg. Rd. Pf. Bh» 
Chip « Gilt Edged 0.9p 

Do. Mt & Fixed Int. 1.92p 
Da bit Bd. 1.91 p 
Da Starting Pep. 1.04p 
Do. UK Equty 1.5p 
Treasury 2Yr% ILL 1999 £2.167 
Treasury 14% 139BJ2D01 E7.0 


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■ TODAY 

COMPANY MEETINGS: 

Henderson Highland Tst, 3. 
Finsbury Avenue, EC*. 12.T 5 
ISA hit, 14, Bdon Race, 
Mannbighem, Bradford, 10.00 
QutefceGrp^ Centra House, 
Ashburton Road, East Traffond Park. 
Manchester. 11.30 
Seimy Hotel. Savoy Hotel, Strand. 
W.0.12100 
BOARD MH-TTNOS: 

Rnafe: 

British trw. Tht 
Diploma 

Personal Assets Tet. 

Whitbread 

Interims; 


Huntingdon kit 

M TOMORROW 
COMPANY MEETINGS: 

Bemrose, North Bar House, Beveriy, 
North -Humberside. T2J30 
Fteons, Httton Hotel, 22; Park Lam, 
W..1QS0 

Ooidamkh Grp^ 4, Broadgate, 


EC., 1200 

Httmfogway Properties, 33, 

Wlgrpore Street W., 11.00 
HonwCqu« 0 « Newspapers, Naval 
& MiBtaryCtub. 94 , Piccatfifly, 1030 
Mmlejt Rfverhead, Sewmoaka, Kant 
12.00 • 

RJB MkWng, West Ftetsford Hotel, 

Ratsford. Notts., 10.00 

Wvw IMercaotBe American Cap. 

A hw. Tst, New Connaught Rooms, 
Green Queen Street, W.C.. 11.06 
Steel BurriM Jones, Haberdashers 
Hal, Staining Lane. EO, 11.00 
Te fal meb ix, 7, Bhchki Lane, EC, 
11.00 

BOARD MATINGS; 


ADed-Lyons 
Bering Stratton bw. Tat. 
Drayton Korea Tst 
Hentapoets Water 
Seafleld 

Slam Saleettve Orowth 
Smith (J) Estates 
Worth kw. Tst 
Interims: 

Abacus 

Anglo Irish Bank 


Oeflan Lloyds Inv. Tst 
Hanson 

Rhrer A M oreanU te American Cap. 
Aha Tst 
Sanderson Beet 
Scottish Value Tst 

■ WEDNESDAY MAY 18 
COMPANY MEETINGS; 

Ai]o Wiggins Appleton, Savoy 
Hotel. Strand. W.C., 12.00 
Black (A & Q, Spectrum House, 
20-26, Curekor Street, E.C., 12.00 
Bowthorpe, Howard Hotel, Temple 
Place, w.O, 12-00 
Capital fnde. Butterfly House, St 
Neots, Huntingdon, Cantos, 11410 
Coofcson, Ptteateres HaS. 1, London 
Wafl, EC., 11J3Q 
Denshron Int, Unit 4, Airport 
Trading Estate, Biggin mt, 
Westeriiam, Kent; 12.00 
Erith, Chartered Accourtisaite Hal, 
Moorgata Place, EC., 12J00 
Legal A General, Temple Court, 

11, Queen Victoria Street, EC, 2^0 
Reckftt & Cohnan, Neiw Connaught 
Rooms, Greet Queen Street, W.C., 
11.15 


Simon Eng, Ironmongers Hal, 

Shaftesbury Place, Barbican, E.C., 
1100 

Stough Estates, Savoy HateL 
Strand, Vi. 1CL. 12.00 

Sun ABtenco, Charaiered Insurance 
Institute, 20, Atdemwibury, EC, 
1100 

l/hlcham. Unfohem House, Cox. 
Lane, Chesdngton, 10.00 
BOARD MEETINGS: 

Rnate: 

Brant Walker 

British & American Hkn 

Fleming European Ftedgflng Inv. 

National Porirer 
Ocean W ttsons 

Interims: 

Begg eridge Brick 

Compass 

Concentric 

Crabtree 

Grp. Devfpmnt Cap. TsL 
New Zealand Inv. Tat 
Ptarmigan fait 
■ THURSDAY MAY 19 
COMPANY MEETINGS: 


Ash & Lacy, Botanical Gardens, 
Westboume Road, Edgbaston, 
Birmingham, 1030 
Ashley (LauraJ. Camo Community 
Centre, Caroo, Powys, 10100 
Bluebird Toya, Tho MUbenya, 
Kembuy Park, Swtndon, Was, 
11.00 

Cannon St Imre, 195, PfccacBty, 
w„ 12.00 

Enterprise Oil, Glaziers Hr*. 9. 
Montague Close. London Bridge, 
S^. 12.00 

CUCN, Royal Lancashire Hotel, 
Lancaster Terrace, W, 11.00 
Qitoewes, Royal Lancaster Hotel, 
Lancaster Terrace, W, 100 
Hamnwreon, Dorchester Hotel, Park 
Lane, W, 1000 

Hepworlti, institute of DfaectofB, 

116, PaB Mel, S.W, 12.00 
Iceland Grp, Second Avenue, 
Deeslde Industrial Park. Deeskto. 
Ctwyd, 10.00 

Lalng (John), Decorum District 
Councti Pavfflon. Mariowes. Hamel 
Hempstead, 2.15 
Lftwrty,25, Great Marlborough 
Street, W, 12.00 


Russel (Alexander), Royal Scottish 
Automobtie Club, 11 . Blythswood 
Square, Glasgow, 1100 
She* Transport & Tracing, Queen 
Bbabetfi B Conference Centre. 
Broad Sanctuary, S.W, n.oo 
Trade Indemnity, 12-34, Great 
Eastern Street, EC, 12.00 
UK . Safety, Swalow Royal Hotel, 
College Green, Bristol, 12.00 
Wace, St Matthews House, 
Shepherdoes Wale, N, 11.00 
WBtis Corroon, 10. Trinity Square. 
EC., 12 j 00 
BOARD MEETINGS: 

Finals: 

Airflow St reamin g s 
British Tetocom 
Ctty of London PR 
Delyn 

Ferguson bit 
Fine Art Dov. 

Fine Decor 
Ja ck son Grp. 

Policy Portfolio 

Signet 

Westbury 

York W aterwortcs 

Interims: 


Alexanders 

Burton 

nmiltjl Rnrfln 

GokMbanougti Healthcare 
River A Ma r cs nW e Tst 
SEP 

See. 6radownwnt Contracts 

■ FRIDAY MAY 20 
COMPANY MEETINGS: 
Dawaongroup, 135. Blshopsgate, 
EC, 12.00 

Fortii Ports, Grosvenor House 
Hotel. Park Lane, W, 11.00 
Grampian Kdgs, Royal Scottish 
Automobile Club. 11, Blythswood 
Square. Glasgow. 12.00 
Lac Refrigeration, Chichestar 
Resort Hotel, Chichester, 11.30 
Newman Tonka, Mteropole Hotel, 
NEC, Birmingham. 12.00 
Next, Institute of Directors, 116, 
Pali Mall. S.W., 10.45 
Senior Eng, Qlaztere Han, 9, 
Montague Ctosa, London Bridge, 
&E, 12J30 

Tosco, Merchant Teytora HaS. 
Thread needle Street, EC, 11.00 
Torday A CanKaie, Marriott Hotel, 


Gateshead, 9.30 

Tudor, Pad more House, Ham Lana 
Pedmore, Stourbridge, W. Midlands. 
12JX) 

Utd. FMamfly Grp, 42, Southwark 
Bridge Road. S.E, 12J30 
Weir Grp, Msrchwns House, 
George Square, Glasgow, 12.00 
BOARD MEETINGS: 

Finals: 

Baris Hldgs. 

FAC German Inv. Tst 
Lazand Select Inv, Tst 
Premier Health 
Interims: 

Dobson Park 
Wolver ha mpton & Dudley 
Breweries 

Company meetings are annual 
general meetings unless otherwise 
stated. 

Please note: Reports and accounts 
are not normally available until 
approximately six weeks after the 
board meeting to approve the 
preflminaty resulta. 


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1 abfil® 


Notice of Partial Redemption 


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C REDIT D’EQUIPEMENT 

MS WITTES ET MOYENNES ENTREPRISES 

£35,000,000 1VA pier cent. Guaranteed Bonds 1995 

NOTICE IS HEREBY GIVEN that in accordance with Condition 5(b) of the Bonds GEPMEwiU redeem 
40 per cent of the aggregate principal a m o un t of the Bomb (after deduction of the principal amount of 
Bonus which have been converted into U.S. Dollar denominated Guaranteed Floating Rate Notes 1995) by 
two equal instalments on 15th June in jhc yeun 1993 and 1994. 

The aggregate principal amount of the Bonds, after the deduction described above, was £7.708£00. The 
principal amount of Bondi to be redeemed, was £3 ,084, 000. In order to satisfy the second instalment the 
following Bonds will be redeemed at 100 per cent, of their principal amount on 15th June, 1994 (die 
"Redemption Date 1 ’) when interest on such Bonds will cease to accrue. 

; ]382 1717 2087 2878 3403 4430 4848 5098 5635 8t87 11905 12153 12407 12696 12883 13863 

7 448 1387 1718 2108 2883 3488 4431 4850 5100 5888 6188 11908 121SS 12418 1 2887 12897 13888 

B 450 1389 1724 2108 2987 3500 4433 4862 5101 6683 8176 11817 12160 12423 128W 12998 13867 

13 451 1390 1725 2113 2884 3601 4436 4853 5103 5654 6178 11820 12161 12427 12708 13000 13888 

16 452 1383 1727 2114 3001 3904 4443 4854 5104 6855 8183 11921 12163 12428 12708 13570 13868 

17 453 1395 1730 2118 3012 3509 4444 4862 5107 5681 8185 11S2S 12170 12432 12711 13571 13873 

20 481 1396 1732 2118 3014 3510 4450 4863 5112 5664 8186 11928 12172 12434 72712 13572 13875 

22 482 1400 1786 2121 3015 3511 4463 4868 5113 5665 6187 11929 12174 12435 12726 13574 13878 

23 488 1410 1788 2126 3017 3519 4455 4871 5114 5688 6202 11831 12176 12437 12727 13580 13878 

29 487 1411 1788 2126 3021 3521 44S8 4873 5115 5887 8203 11993 12178 12441 12729 135B2 13882 

31 488 1418 1800 2128 3055 3524. ,4459 4877 5117 5718 6204 11835 12179 12443 12733 13828 13883 

37 ' 432 1421 -1802 2131 3064 3525 ' 4485 4878 5120 5720 6219 14838 12180 12444 12735 13627-13885 

39 494 1423 1803 2138 3088 3527 4488 4878 5122 5722 6222 11838 12181 12453 12738 13630 13883 

40 684 1425 1004 2140 3067 3529 4472 4880 5123 5725 8223 11942 12182 12458 12742 13632 13895 

41 886 1428 1814 2147 3068 3530 4477 4888 5128 5728 6224 11845 12180 12458 12745 13633 19888 

42 B8B 1430 1818 2148 3071 3540 4494 4887 5134 5730 8228 11948 12191 12460 12750 13835 13888 

44 887 ;;i 432 1818 2140 3075 3542 4487 4883 5137 5732 8272 11850 12193 12481 12751 13638 13803 

54 702 1438 ISIS 2151 3089 3543 4488 4888 5144 S733 8379 11853 12198 12502 1Z756 13837 13904 

139 703 1441 1827 2154 3091 3544 4517 4802 5145 5734 8393 11958 12188 12507 12759 13838 13905 

140 707.1448 1828 2158 3082 3545 4524 4904 5148 5738 6457 11957 12201 12508 12760 13640 13907 

144 709 1450 1830 2161 3087 3S48 4527 4805 6150 5740 8463 11958 12210 12510 12778 13641 13809 

147 713 1482 1634 2166 3104 3558 4552 4808 5151 5742 B464 11881 12213 12512 12778 13642 13810 

148 71B 1453 1837 2167 3110 3958 4557 4811 5158 5745 6488 11883 12217 12516 12780 13848 0813 

ISO 719 1454 1838 2171 3117 3583 4880 4915 5160 5748 8501 11984 12221 12518 12786 13845 13915 

190 725 4481 1841 2173 3118 3588 4565 4818 5161 5752 6503 11985 12223 12519 12789 13848 13918 

201. 728 1489 1842 2174 3120 3580 4567 4919 5165 5753 6504 11067 12231 12520 12782 13648 13820 

203 728 1471 1843 2248 3129 3575 4588 4823 5167 5738 8528 11972 12232 12521 12793 13854 13828 

204 733 1493 1845 2247 3130 3576 4573 4825 5172 5760 8529 11974 12234 12524 12794 13858 13830 

205 735 1506 1848 2248 3133 3579 4675 4827 5188 5781 8531 11876 12238 12S26 12795 13657 13833 

886 736 1611 1847 2251 3136 3583 4577 4831 5200 5768 6S3S 11977 12237 12527 12737 13658 13804 

210 737 1512 1851 2348 3160 3586 4584 4833 5201 5789 6S37 11879 12238 12628 12800 13659 13836 

213 740 1515 1852 2478 3181 3587 4588 4834 5224 5770 8574 11981 12240 12529 12801 13580 13837 

214 742 1520 1853 2430 3171 3582 4594 4837 5227 5775 8575 11989 12241 12632 12802 13885 13839 

22f 743 1521 1854 2483 3206 3995 4688 4842 5228 5778 8578 11890 12248 12538 12803 13888 13842 

227 744 1531 1858 2488 3210 3835 4897 4943 5230 8793 6801 11992 12249 12539 12808 13888 13944 

232 773 1533 1880 2480 3217 3638 4803 4847 5232 5795 6628 11996 12255 12542’ 12813 13870 13948 

233 774 1534 1881 2493 3218 3640 4611 4851 5278 5886 6827 11897 12257 12544 12822 13872 13952 

236 788 1535 1862 2404 3220 3641 4812 4852 5283 5889 8718 >11988 12281 12548 12823 13875 13354 

238 708 1536 1883 2405 3221 3842 4815 4853 5298 5888 6721 11898 12262 12548 12833 13877 13858 

250 708 1537 1888 2486 3223 3843 4817 4854 5298 5801 8723 12008 12275 12560 12837 13884 13959 

251 791 1544 1970 2680 3225 3644 4618 4855 5288 5802 6737 12008 12278 12551 12848 13885 13862 

282 782 1545. 1877 2041 3230 3877 4820 4857 5300 5903 6752 12016 12278 12584 126S3 13687 13965 

257 783 1553 1878 2844 3233 3681 4622 4959 5303 5904 0797 12017 12285 12555 12854 13691 13966 

288 785 1557 1881 2848 3234 3757 4824 4885 5306 5905 6790 12020 12286 12557 12855 13802 13968 

271 798 1559 1893 2681 3235 3840 4625 4887 5318 5807 6801 12021 12288 12565 12880 13803 13870 

272 709 1580 1884 3680 3241 3841 4827 4089 5318 5809 6811 12027 12290 12586 12861 13700 13874 

275 843 1064 1805 2681 3248 3885 4830 4800 5323 5810 6012 12029 12283 12567 12882 13730 13075 

276 844 1566 1808 2697 3251 3888 4852 4002 5325 5012 6886 12030 12302 12688 12888 13738 13977 

280 1013 1588 1818 2701 3254 4048 4854 5006 9329 5815 6890 12032 12306 12570 (2972 13738 13984 

282 1014 1572 1920 2703 3258 4072 4855 5011 5330 5817 8882 12034 12308 12S75 12875 13742 13885 

286 1015 1576 1922 2704 3282 4073 4870 6013 5332 5919 6893 12035 12312 12579 12877 13748 13988 

288 1017 1578 1823 2708 3278 4074 4873 5014 5335 6025 8804 12038 12314 12088 12880 13750 13890 

298 1018 1579 1029 2710 3280 4075 4874 5010 5341 6028 6900 12044 12318 12591 12881 13751 13982 

300 1208 1582 1832 2714 3281 4078- 4677 6018 5343 5832 8901 12040 12318 12593 12884 13788 13893 

318.1209 1597 1948 2712 3285 4060 4879 0017 5350 5835 6002 12058 12323 12598 12886 13781 13904 
318 1214 1589 1848 2713 3303 4082 4681 5018 5380 5837 6872 12059 12328 12800 12888 13763 24001 

320 1218 1600 1950 ZMS 3304 4185 4SS3 5023 6302 9938 6873 12080 12330 12801 12888 13768 24502 

331 1234 1603 1051 2710 3306 4187 4711 5034 5384 5940 8979 12062 12333 12806 12900 13773 24504 

339 1235-1018 1952 2720 3375 4188 4712 5028 6387 5942 6881 12063 12335 12810 12906 13775 24507 
344 1236 1620 1983 2724 3378 4249 4717 5029 5388 5943 6968 12068 12337 12611 12906 13777 24508 

347 1282 1621 1858 2725 3377 4250 4722 5030 5417 5044 7007 12072 12338 12617 12908 13778 24012 

348 1257 1624 1960 2732 3378 4253 4723 5033 5471 5950 7009 12075 12341 12820 12810 13780 24513 

354 1259.1627 1984 2738 3379 4256 4725 9035 0473 5961 7011 12078 12344 12822 12915 13783 34515 

356 1281 1686 1985 2783 3380 4258 4726 5037 5474 6954 7088 12083 12350 12B28 12917 13787 34517 

.357 1281 1851 1882 2764 33M 4280 4728 5043 6475 5889 7087 12087 12353 12827 12916 13788 34620 

3BB 1282 1865 1983 2766 3386 4281 4730 5045 0477 5983 7205 12091 12355 12629 12819 13789 24525 

360 1283 1858 1984 2770 3393 4283 4734 5048 6479 5878 7206 12093 12358 12635 12828 13790 24SM 

383 1316 1660 1998 2771 3448 4284 4736 5047 5480 5861 7212 12085 12359 12837 12930 13793 24527 

382 1318 1863 1981 2772 3451 4288 4737 5048 5481 5883 7213 12100 12380 12838 12838 13794 24531 

393 1338 1685 1904 2773 3454 4304 4750 6056 548? 6090 7228 12103 12988 12841 12940 13805 24832 

384 1340 1671 1996 2853 3456 4306 4765 5067 5523 0081 7220 12104 12371 12644 12944 13811 24537 

385 1348 1872 2004 2895 3457 4308 4767 5062 5527 6092 11889 12111 12372 12645 12848 13813 24541 

400 1351 1876 2028 2858 3459 4310 4788 5065 5528 6094 11873 12113 12373 12648 12951 13814 2(542 

401 1356 1677 2029 2859 3482 4353 4780 5087 5530 6005 11078 12116 12377 12650 12952 13818 24543 

402 1357 1883 2031 2881 3484 4 358 4793 5072 5533 6096 11880 12120 42379 12682 12953 13823 24545 

408 1380 1888 2049 2867 3468 4309 4784 5075 5542 BIOS 11882 12121 12383 12863 12955 13825 24548 

407 1361 1882 2051 2889 3470 4400 4785 5078 5544 6108 11883 12122 12384 12655 12956 13830 24554 

424 1382 1694 2062 2870 3471 4401 4788 5078 5548 6112 11085 12138 12387 12663 12960 13831 24557 

425 1384 1695 £053 2940 3473 4407 4799 5081 5550 8113 11888 12137 12388 12870 12868 13834 24559 

427 1365 1897 2068 2948 3480 4409 4800 5082 5551 8118 11890 12139 12392 12871 12972 13838 24560 

429 1389 1688 2085 2954 3482 4411 4813 5083 5813 6119 11892 12142 12394 12677 1 2973 13843 

430 1370 1704 2068 2980 3484 4412 4823 5085. 5624 6122 11895 12144 12399 12680 12970 13847 

432 1373 1710 2067 2963 3488 4414 4826 0088 6828 8123 11887 12147 12400 12685 1 

437 1375 1712 2068 2973 3487 4418 4830 5095 5827 6125 11698 12148 12402 12686 1 

441 1377. 1713 2084 2976 3490 4426 4839 5096 5829 6154 11901 12149 12404 12691 12988 13857 

444 1379 1715 2085 2970 3492 4429 4840 5097 5830 8163 11903 12150 12408 12092 12980 13882 

ferment of the above Bonds will be made against their surrender at any of the offices of the Paying Agents 
specified below, on and after the Redemption Date- Bonds should be presented for redemption together 
with all unmanned Coupons appertaining thereto, failing which the face value of any missing unmanned 
Coupon will be deducts) from die sum due for payment. Any amount so deducted shall be paid in the 
manner specified in Condition 7 of the Bonds against surrender of the relative missing Coupon during 
whichever i* the larer to expire of (a) the period of JO years next following the Redemption Date and (b) the 
period of 5 yean next following the Interest ftryment Date specified on the foce of such Coupon. 

The aggregate principal amount of die Bonds outstanding, as d efine d In the Prospectus for the Bonds, 
following the redemption of the above Bondi will be £L254,000. 

feyment of Coupon number U will be made in the oonnal marine on, and after, 15 th June, 1994. 
HacelandPrindpel Paying Agent 
Bankers Tow; Company 
lAppoW Street 


7213 12100 12380 

7228 12103 12388 

7229 12104 12371 


12407 

12698 

12993 

13863 

12414 

12997 

12097 

1386C 

12422 

12898 

12991 

13861 

12427 

1270* 

1300C 

1386* 

1242S 

1270! 

13571 

1386! 

12432 

12711 

13571 

13873 

12434 

12712 

13572 

13875 

12435 

12726 

13574 

13876 

12437 

12727 

13580 

13878 

12441 

12729 

13582 

13882 

12443 

12733 

13826 

13883 

12444 

-12735 

13627 

'13885 

12453 

12738 

13630 

13893 

124G6 

12742 

13632 

13895 

12458 

12745 

13633 

13698 

12460 

12750 

13635 

13699 

12481 

12751 

13638 

13803 

12502 

1Z755 

13637 

13904 

12507 

12759 

13838 

13905 

12508 

12760 

13840 

13907 

12510 

12778 

13841 

13809 

12512 

12779 

13642 

13910 

12516 

12780 

13843 

(3913 

12818 

12788 

13845 

13915 

12S18 

12789 

13848 

13918 

12520 

12792 

13649 

13920 

12521 

12793 

13654 

13928 

12S24 

12794 

13658 

13930 

12S26 

12795 

13657 

13833 

12527 

12797 

13658 

13934 

12628 

12800 

13859 

13936 

12529 

12801 

13680 

13837 

12632 

12802 

13085 

13939 

12S38 

12803 

13888 

13942 

12539 

12808 

13868 

13944 

12542 

12813 

13870 

13948 

12544 

12822 

13872 

13952 

12548 

12823 

13675 

13954 

12549 

12833 

13877 

13858 

12560 

12837 

13884 

13859 

12551 

12846 

13685 

13962 

12664 

12853 

13687 

13065 

12555 

12854 

13691 

13986 

12557 

12855 

13802 

13988 

12885 

12860 

13803 

13970 

12666 

12861 

13700 

13974 

12587 

12882 

13730 

13975 

12589 

12888 

13738 

13677 

12870 

12872 

13739 

13984 

I2S7S 

12875 

13742 

13985 

12579 

12877 

13748 

13989 

12588 

12880 

13790 

13990 

12501 

12881 

13751 

13992 

12693 

12884 

13788 

13993 

12596 

12886 

13761 

13994 

12600 

12888 

13763 

24501 

2*01 

12889 

13790 

24502 

12806 

12900 

13773 

24504 

12610 

12905 

13775 

24507 

12611 

12906 

13777 

24508 

12617 

12908 

13778 

24512 

2620 

12910 

13780 

24513 

12622 

12915 

13783 

24515 

2828 

12917 

13787 

24517 

12627 

12918 

13788 

24520 

12629 

12919 

13789 

24525 

2635 

12988 

137SO 

24528 

2637 

12930 

13793 

24527 


12938 

13794 

24531 

2841 

12940 

13805 

24632 

2644 

12944 

13811 

24537 

2645 

12945 

13613 

24541 

2648 

12951 

13814 

24542 

2650 

12952 

13819 

24543 

2682 

12953 


24545 


12955 

13826 

MS4fl 

2055 

12956 

13830 

24554 

2663 

12960 

13831 

24667 

2670 

12968 

13834 

24559 

2871 

12972 

13838 

24560 

2677 

12973 

13843 


2680 

12979 

13847 


2685 

2888 


1 -ij 


2891 

12980 

13857 


2892 

12900 

13882 



London EC2A2HI 

Paying Agent* 


Bankers Trust GmbH 
Bodccnhdmer Landsnasse 39 
D-6000fiankforr/Maln 
Germany 

Banquc Induuez Unremboutg 
39 AllSc Scheffer 
1^2520 Luxembourg 

Bankets Trust Company 
12-14 Rrnul-Pbint des Champs Elys 
75386 Paris Cede* 08 
France 


Swiss Bank Corporation 
1 Aeschenvootadt 
CH-4002 Basle 
Switzerland 

Banque Indosom Belgique &A 
Place Saincc-Gudule 14 
B-1Q00 Brussels, Belgium 

(Fw d« payment of principal only) 
Bankers Trust Company 
Four Albany Street 

New ’fork, NY 1000(5, U3A' 


( Swedish EjponCrc&i Corporation) 
(tneviponani in TV KEnefes o/ 
SftYxfen wftifimifedlfaWty) 

U.S. $200,000,000 
Subordinated Floating 
Rate Notes due 2002 
For the Interest Period 13 th 
May, 1994 to 14di November, 
1994, che Notes will cany an 
Interest Rare of per 

annum with Coupon Amounts 
of U.S. $26.02. U.5. $260.16 
and U.S- $2,601.56 per U.S. 
SI, 000, U.S. $10,000 and 
U.S. $100,000 Notts respec- 
tively. The relevant interest 
Payment Dare will be 14th 
November; 1994. 


BN Ban k er s That 
Ui Company, Loa 


Company, London AgenxHaafc 


J.P. Morgan & Co. 
Incorporated 
US$250,000,000 
Subordinated Boating rate 
notes due November 2002. 

In accordance with the 
provisions of the nates, notice 
is hereby given that for the 
interest period 16 May 1994 to 
16 November 1994 the notes 
will cany an Interest rate of 
53125 % per anonm. [merest 
payable on the ne/eoant interest 
payment date 16 November 
1994 wdl amount to USS 135. 76 
per USSS.OOO note and 
USS2. 71530 per US$100,000 
note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan I 


Kingdom of Sweden 

US*L500,000,000 
Floating rate notes 1996 

Notice is henttbygioen that for 
the interest period 16 May 1994 
to 16 August 1994 the notes uiH 
carry tm Interest rate of 4. 75% 
per annum, hnerest payable on 
K August 1994 will amount to 
USS12J4 per USO.OOO note. 

Agent Morgan Guaranty 
Trust Company 

JPMorgan 


NOTICE TO TOE HOLDERS O? 

MapItwesfanentN.Y 

(hWI 

KPkrtidpaOacBmd* 

Dna IT. tm (Um “Bon*') 

Tba limr has dated and a® pay ttS. 
SSlUOXOOODO ftrtfcjpaliiw Intm* dna an* 


JFlBankers Trnst 
La Company, London 
Wth Man 1994 


Agent Bank 


pajrabto oo 31 ay 17. 1584. Ike mmaflifd 
percentage rate b equal u 39 and Um 
moontof PeU d retl on Interest pryableoa 
UAS W OTiatet l ialanMiMtaliteBatoali 
SUUXL 

- LLS. that Coojray of Cafi&na*. KA. 

mTndte 

tola MM 


ALLIANCE +LBie6Stra 
Afibace & lefcaittrlMUiv Society 

SSOfiQQfiOO 

S nl w nUm lxl Vnrlatiln Bin 

Notts 1996 

In imnrianm with the Terms and 
Cm&dom of the Notes, nodee h 
hereby given char the Rare of 
In tm r t far die Twruy^omth la- 
teral Period bom lldt May, 
1994. m lld> Aignt, 1094, h» 
been fared « 6.10% per wirera. 
fauenw payable on lldi Aisust. 
1994. wiu amount to £153.75 per 
£10 JXIO principal mount. 


BRAZIL 

GOVERNMENT OF THE STATE OF SAO PAULO 
SAO PAULO INTEGRATED URBAN TRANSPORT PROJECT 


INVITATION FOR PREQUALIFICATION 


Date: 05/16/1994 


■BBankesTro* 
I UCaonanyXoa 


This Notice for specific Civil Works follows the General Procurement Notice for this Project, which 
appeared in Development Business number 378, dated 16 November, 1993. 

The Government of the State of S5o Paulo has applied for a loan from the International Bank of Recon- 
struction and Development, hereinafter referred to as the IBRD, in various currencies, to partially 
finance the cost of die development of an Integrated Urban Transport System in the Metropolitan Re- 
J** 011 S3o Paolo.,- That project will be. complemented by cofinancing from other, external sources, 
"" currently under negotiation. A portion of the proceeds of the IBRD loan is intended to be eligible 
payments under the contracts for which this Invitation for Prequalification is issued. 

The Corapanhia do Metropolitano de SSo Paulo, hereinafter referred to as the Employer, as the Execu- 
tive Agency of a part of the Project, intends to prequalify contractors for the construction of the Metro 
(Subway) Link Paulista-VIla Sdnia, located in the city of S5o Paulo, and which comprises the following 
civil works: 

a Tunnel by NATM (New Austrian Tunneling Method), total length 6,5 km; 

b. Tunnel by shield method, total length 4,2 km; 

c. Underground stations, total 07; average area 8.500 ra 2 ; 

d. Maintenance and parking yard, total area 126.000 m 2 ; * 

e. Ventilation shafts, diameter up to 20 m. 

The civil works will be procured for the following lots: 

Lot 1 - PAULESTA: Paulista and Incor Stations and Double Tunnel by NATM in Soil. 

Lot 2 - BRASIL: Brasil and Mourn to Coelho Stations and Single Tunnel by shield method. 

Lot 3 - PINHEEROS: Faria Lima, Pinheiros and Vital Brasil Stations and Double Tunnel by 
NATM in Rock. 

Lot 4 - MORUMBI: DoubleTunnel by NATM between Vital Brasil Stations and Vila Sdnia Yard 
in Soil, Weathered Rock and Rock. 

Lot 5 - VILA SdNIA YARD. 

It is expected that Invitation to prequalified Applicants for Bids will be made in October 1994. 
Prequalificaton is open to firms and voluntarily formed joint ventures from eligible source countries as 
defined in the "Guidelines: Procurement under IBRD Loans and IDA Credits". Applications may be 
made for prequalificatioa for one, more than one or for all contracts. Applicants will be prequalified 
and invited for bidding in each Lot. 

Eligible applicants may obtain the prequalification documents personally or by calling, faxing, writing 
or telexing: 

Corapanhia do Metropolitano de SSo Paulo - Metro 

GerSncia de Compras 

Olivia Virginia Miranda 

Rua Luis Coelho 197 - SobreLoja 

01309-001 - S&> Paulo - SP - Brasil 

Telephone: (11) 283-7030 / 283-703 1 

Fax: (11) 283-5228 

Telex: 1138104 MSPOBR 

The request must clearly state: "Request for Prequalification Documents for the Metro Link Paulista- 
Vila Sdnia - Civil Works". 

Tha documents will be available for a nonrefundable fee of USS 50,00 (Fifty American Dollars) or the 
equivalent in Cruzeiros Reais at the commercial exchange rate. The Employer will promptly dispatch 
the documents by registered airmail, but under no circumstances will it be held responsable for late 
delivery or loss of the documents so mailed. 

The minimum requirement for prequalifi canon - in each lot - are defined in the prequalification docu- 
ment 

Submissions of Applications for Prequalification must be received in sealed envelopes which must be 
either delivered by hand, or by registered mail to the address of the Employer above indicated, not later 
than August 15, 1994, at 3:00 P.M. (local time), and be clearly marked "Application to Prequality for 
Sao Paulo Integrated Urban Transport Project (number and name of the Lots for which the Applicant is 
Applying to prequalify) *. 

Late applications will be rejected 

Applicants will be advised, in due course, of the results of their applications. Only contractors prequalified 
under this procedure will be invited to bid. 


Cmnpmy.IjQteten AjpmfBtak J 





The Markets 


FINANCIAL TIMES MONDAY MAY 16 1994 


THIS WEEK 


Global Investor / Martin Dickson 




Fed strives for right pitch 


' Total jMsim ln local eurraney .to 12/^5/94 

v ■■'.-■•-'--i--: % dtang* owperiod 

• • '•* US ,r Japan - a««Mr«= ^ ftra - I 

V-' : " ! . • , 

wtieftjc-- o.o? o.o* o.io. aii . ais- 

- Moftfa ; • 03.1 • 0.19 0.48 051 0.68 

' *: ail ' Va25 -QM 6.94 . 10.44 


Global markets 
will take their 
lead this week 
from the US, 
where the Fed- 
eral Reserve 
£ seems certain 
to pnt up 
short-term 
interest rates at tomorrow's 
meeting of its policy-making 
Open Market Committee. The 
only question is how much it 
will tighten, and how well or 
badly this will he received by 
Wall Street 

Opinion is sharply divided as 
to whether the bank needs to 
raise the Fed funds rate by 25 
basis points, to 4 per cent or 50 
points. There is a general pre- 
sumption that it will couple a 
move on Fed funds with a 50 
point increase in the discount 
rate, which the Fed itself 
charges for loans. While the 
discount rate is nowadays 
regarded by Wall Street as a 
largely symbolic indicator of 
monetary policy, it still carries 
some weight internationally. 

The Fed’s gradualist 
approach - it has increased in 
25 basis point increments since 
it started tightening in Febru- 
ary - suggests it will raise Fed 
funds to 4 per cent, with 
another 25 point increment at 
or. before the FOMC's next 
meeting, in early July. Recent 
signs of greater moderation In 
the rate of US economic 
growth could reinforce this 
stance. But investor sentiment 
argues for a 50 basis point 
increase. 

The bond market's volatile 
behaviour over the past two 
weeks suggests that the Fed 
still has to convince Wall 
Street of its inflation-fighting 
credentials, even though last 
week's excellent inflation sta- 
tistics for April underscored 
that rising prices are not yet a 
problem. 

The Fed's three previous 25 
point increases have merely 
served to leave the market 
anticipating more, and Fed 
Funds at 4.25 per cent is 
already largely factored in to 


US Inflation 

Consumer Price Index (annual % change} 



. HongKong 

Hsng Seng Index • 
— .lioQD: 

- -M-. S* 1 — — ■ 10,000" 

—'- 7,000 


Jan 1993 

Source: Ootaftwn 

short-term rates. A rise on 
Tuesday of just 25 Ha ris points 
could thus he bearish for 
bonds, the dollar and stocks. 

A 50 point increase would be 
more likely to underpin cur- 
rent bond market values and 
the dollar. Certainly, higher US 
rates are a necessary second 
step to reinforce the recent 
round of central bank interven- 
tion to support the currency. 
And a 50 point rise would 
neatly match last week's unex- 
pected cut in German rates, 
creating the Impression that 
hanics are co-ordinating their 
interest rate structures as well 
as their foreign emhnnpp mar- 
ket operations. 

But even this more aggres- 
sive stance may be insufficient 
to trigger a sustained bounce 
back in bond and stock prices 
from the current correction. 

The fragility of sentiment in 
recent weeks shows Wail 
Street is still struggling to 
come to grips with the dimen- 
sions of the turn in the interest 
rate cycle, with economic opin- 


1094 Apr' 


ion sharply divided over the 
wisdom of Fed policy: while a 
majority fears the bank is still 
too accommodating, a vocal 
minority argues that it is in 
danger of Hiking off growth 
by fi ghting yesterday's enemy, 
since improving productivity, 
and intense domestic and inter- 
national competition will keep 
inflation under control. A 
plethora of economic statistics 
and historical analogies sug- 
gest long bond yields are 
abnormally high, but in the 
current market such funda- 
mentals are of limited help, 
and it may take a further 
cathartic plunge in fixed 
income and equity values 
before investor psychology 
turns. 


■ France 

Whatever the outcome, and 
rights or wrongs, of the cur- 
rent Anglo-French tiff over air- 
craft landings at Orly airport, 
the publicity surrounding the 


affair is unlikely to bolster 
France's image among US fund 
managers, who account for 
such a large part of global 
investment flows. 

The economy may be 
starting to recover, but since 
the French Government's 
climbdown last October over a 
threatened strike at Air 
France, American investors 
have questioned the willing- 
ness of Prime Minister Balla- 
dur to put the competitive 
restructuring of French indus- 
try ahead of social goals. 

The Orly row can only rein- 
force that concern. For exam- 
ple, Morgan Stanley strategist 
Mr Richard Davidson recently 
went underweight on French 
equities in his model portfolio, 
fearing that “French Govern- 
ment policies are reacting to 
political pressures rather than 
economic objectives." 


■ China/ Hong Kong 

Weekend news that Beijing has 


When Euromoney asked the international bond trading community 
in their annual poll to determine the best, 

Kidder, Peabody came 1st* 






pllE BEST BOND 
f RADING HOUSE 
1994 




Thank you to all those who made it possible. 


pS Kidder,Peabody 

8 I Securities Company 


‘EuiuaK'iKf. May 1WJ 


MEMBSHVSM.nOSER.PEABOOVSASlSSmWfOFC&BW.EZECnnC £0,(64. 


freed the second of two dissi- 
dent leaders of the Tiananmen 
Square uprising increases the 
chances that the US Govern- 
ment will renew China’s Most 
Favoured Nation trade status. 
The GHntnn Administration is 
due to decide on the issue on 
June 3 and uncertainty over 
the outcome could hang heavy 
over Hong Kong equities for 
the next few weeks. 

The White House, which has 
tied renewal to significant Chi- 
nese progress on human rights, 
seems unlikely to withdraw 
MFN status completely, since 
this would provoke a crisis in 
bilateral relations, severely 
damage American companies' 
opportunities in the bludgeon- 
ing Chinese market, and cause 
fresh unease in global bond 
and currency markets over the 
president's execution of foreign 
policy. 

MFN revocation would hit 
Hong Kong hard. The Chtna 
Analyst newsletter reckons 
that the increased tariffs would 
price at least $20bn (£!3.6bn) 


of Chinese exports out of 
the US market - nearly 63 per 
cent of its exports to America 
- and that some 70 per cent of 
this trade goes through Hong 
Kong. 

An alternative being kicked 
around Congress, is a partial 
removal of MFN status, impos- 
ing puniti ve tariffs on selected 
statnowned Chinese factories, 
but keeping than off private 
sector products. This would be 
hard to enforce and would still 
infuriate fihina 

The noises from both capi- 
tals have been more concilia- 
tory in recant weeks, but any- 
thing less than *han full MSN 
renewal would have a depress- 
ing impact on Hong Kong 
stocks. Renewal could spark a 
rally in the Hang Seng; yet an 
overblown Hong Kong prop- 
erty market, tightening credit 
conditions in China, and rising 
interest rates In the US (to 
which the colony's currency is 
pegged), suggest that the relief 
would be overshadowed 
quickly by other concerns. It 
still looks wise to be under- 
weight here. 


■ Sprint 

Sprint, the third largest US 
long-distance telecommunica- 
tions group, is talking to Elec- 
tronic Data Systems, the 
world’s leading computing ser- 
vices company and a subsid- 
iary of General Motors, about a 
merger or alliance. 

The discussions are the lat- 
est manifestation of the con- 
vergence of the telecommuni- 
cations and computer 
industries and a foil takeover 
would create a powerful new 
force, both in the US and inter- 
nationally. In the multi-media 
revolution. 

A looser alliance may be the 
more likely outcome, given the 
cultural problems of putting 
the two together and possible 
tax complications for GM in a 
foil disposal. 

However it is structured, a 
deal could be very beneficial 


BoMts?*yeer.' : , . 

'• Week. : .-0.80 V 0.0? 
Worth' V rt-ST-u 1-21 

Bondd 7-10 year 
Week- ..-1.5Q 037 

•Month.:- -093' 1.54 

•. Yfcar / -Z£9 8.91 


-1.8‘ 05 

-Off. •/-■•ao 

22 . 4 2 


036 ; '0.49 0.67 

■0.03 -0.27 -0.12 

7JJ0 ' 7.63, 1821 

0,06“ ' 0.93 t .160 

-1.64 -2.19 - -1.67 

6J37 v 7.64 2627 


/; Week 
Month ' 
Year-' ■ 


8i«t' portprndny stoclc* from FT- A World Indices 
In focal currency to 12/5/94 

••••' — : 

r Ctose .. wwk Month. Ye* 


• Bridge Oil 
'■ Bqj^nvintf.Coippef 

Sotithem Ufe (RSA) 

Mandarin' Qrfehtal(HK) 
•. RAS-gteJ - j 

Chtaebo Estates ft*? - 

‘ .Kfrajfta (Spa) ; ; . 

■Ts^pomw.. T' 

MfM Holdings (Ays) . 


. * 10.90 

. 17,2 

! 0.9 

26.7 

20,450 

16.8 

16^i 

43.4 

• .-7150 

?&3. 

-24.6 \ 

83.8 

. 1,540-. 

162 

21.-3 . 

91.8 

• 4^00 

-15JJ 

. B.6 ' 

■48.8 

3.15 

•15.4 

4.7 

52 2 


Qouraa^ Cfed> *• Ufwn*r> Srothwn ■■ '■ BguMas - C NatWest SacutBO*. 

FT-Aduartw WwW Wtaea *» joto)y owrxsJ by Tho Rnondal Hmes. Unted 
Oddtnpa Sotta & CO, end MrtWeqt Secutfea UmHad. 


for both companies. Spruit 
would get greater access to 
EDS's large business custom- 
ers, and EDS’s computer exper- 
tise would be helpful in a 
nationwide cellular telephone 
service which Sprint is trying 
to set up. 

EDS, which runs its own 
global communications net- 
work. could substantially cut 
the cost of its leasing lines, and 
become more centrally 
involved in multi-media. 

Sprint is one of the cheaper 
US telecom stocks, trading on 
a prospective p/e of about 115. 
It seems never to have shaken 
off its lacklustre Wall Street 
image of several years ago, 
when porn: long-distance mar- 
keting led to a loss of market 
share. - 

However, it is has now built 
up a strong brand name, 


Econoinics Notebook / Peter Norman 

Deficit criteria could 


prompt EU 


It has been cus- 
tomary for poli- 
cy-makers In 
the European 
Union to ignore 
or minimise 
awkward 
issues and then 
be surprised 
when market or political forces 
overwhelm their plans. 

This happened tn 1992 and 
1993 when member govern- 
ments so underestimated the 
problems of ratifying the Maas- 
tricht Treaty and the impact of 
recession and divergent mone- 
tary policies on the European 
Monetary System that the EU 
was wracked by political and 
currency crises. 

Things may now be chang- 
ing. Partly because of those 
events, and partly because the 
Maastricht Treaty includes 
tough rules against “excessive 
deficits", officials in the Euro- 
pean Commission and EU 
finance ministries and central 
banks are giving early thought 
to Europe’s large fiscal deficits. 

Not only are the deficits a 
I significant economic problem 
in their own right they are 
emerging as the biggest eco- 
nomic (as opposed to political 
or technical) barrier to a move 
by member states to the third 
and final stage of economic 
and monetary union by the 
end of the century. They also 
have the potential for creating 
strains in the EU between anti- 
deficit hardliners, such as the 
Bundesbank, and those who 
see political advantages in a 
flexible approach to deficit 
reduction. 

The latest Co mmissi on fore- 
cast published last week, high- 
lights the problem. Under the 
Maastricht Treaty’s conver- 
gence criteria, a country is 
supposed not to become an 
Emu member if its fiscal deficit 
exceeds 3 per cent of gross 
domestic product or its stock 
of government debt is more 
than 60 per cent of GDP. 

But, as the top chart shows, 
only three countries - Ireland, 
Luxembourg and Germany - 
will meet foe deficit rule by 
the middle of foe decade. The 
lower chart shows that a 
majority of EU members 
exceed the debt guideline, with 
four countries having stocks of 
debt of more than 50 per cent 
above foe Maastricht limit, 
including Belgium and Italy, 
members of foe original EEC. 

At present, 11 of the 12 mem- 


. EuropoanUnlofKleflcits anddebt 

Deficftg aa % Of OOP, 1 8W forecast . 



Source Baopean Coqi mla aior May 1094 forecast 
Debt as % of GPP, 1993 estimate 

ISO -- — * - 


* MeoeMcht criteria 




ScwctK European Co ovnfaten. Nafawt S t rtittoi 


ber states appear to be running 
“excessive deficits" as mea- 
sured by the Maastricht crite- 
ria. Although Mr Henning 
Christophersen, the commis- 
sioner for economic and mone- 
tary affairs, has predicted that 
during 1997 a majority of pres- 
ent members should fulfil the 
criteria , it is hard to imagine 
Belgium, Italy, Greece and 
Ireland ever befog able to meet 
foe 60 per cent debt to GDP 
ratio. Relatively high real 
interest rates and typically 
moderate EU growth rates 
offer no escape from the debt 
trap. 

No-one is shedding tears for 
Greece, the EU’s economic 
delinquent But the political 
pressures to smooth foe entry 
to Emu for Ireland, which 
meets all other Maastricht 
requirements, and Italy and 
Belgium are mounting. They 
could become especially power- 
ful in Belgium's case if Mr 
Jeon-Luc Dehaene, the Belgian 
prime minister, succeeds Mr 
Jacques Defers as commission 
president 


The treaty makes provision 
for foe deficit and debt criteria 
to be disregarded in certain 
limited circumstances. The def- 
icit guideline need not apply if 
the ratio “has declined sub- 
stantially and continuously” 
towards 3 per cent or the 
excess is “only exceptional and 
temporary." In both cases foe 

ratio should be dose to the 
guideline. The 60 per cent debt 
ratio can be disregarded if foe 
actual ratio “is sufficiently 
diminishing and approaching 
the reference value at a satis- 
factory pace.” 

It Is less well known that the 
mmmiiarinn has important dis- 
cretionary powers that could 
enable member states, which 
fail to meet foe convergence 
criteria regarding foe deficits 
ami debt, to be exempt from 
the excessive deficit rule. 

Under foe complex proce- 
dure for defining and acting 
upon excessive deficits, it is up 
to foe council of economic and 
Bnanffa minis ters to determine 
whether a country has an 
“excessive deficit" that would 


bar it from Emu. 

But foe council acts on. a 
recommendation from the com- 
mission. According to article 
104c paragraph 5 it is for the 
commission to decide if a given 
deficit is excessive and to 
address an “opinion" about it 
to the council. If foe commis- 
sion provided no opinion, the 
ministers would have no basis 
for deciding whether foe coun- 
try was infringing the exces- 
sive deficit roles. The applicant 
country’s membership of Emu 
could not be blocked on these 
grounds. 

These issues may seem 
arcane, especially if Emu turns 
out to be several years away 
(and may never come in 
Britain’s case). But the exces- 
sive deficit procedure could be 
applied for the first time this 
year. Already some policy mak- 
ers are trying to ease the 
impact of the rules. 

In Belgium's case there has 
been a suggestion that privati- 
sation proceeds be counted 
towards the deficit reduction 
effort, even though this is tech- 
nically not possible under foe 
treaty, which measures deficits 
by foe European system of 
national accounts. 

Earlier this year, Mr Chris- 
tophersen touted foe idea of 
liberal interpretation of the 
deficit and debt criteria so that 
countries such as Belgium 
would not be excluded -from 
Emu. He told a Brussels semi- 
nar it had “always been under- 
stood that the judgment on 
whether a member state fulfils 
foe conditions for participation 
in stage 3 would be based on 
an assessment, and not on a 
mechanical application of the 
convergence criteria.” 

Remarks such as these have 
prompted angry responses 
from members of the Bundes- 
bank central council, including 
Prof Helmut Jochimsen, the 
influential head of the state 
central bank in North Rhino 
Westphalia. Such rumblings 
could presage a greater storm. ' 
The commission looks as If it 
could land between a rock and 
a hard place. If it takes a hard 
line with the EU’s debtors, and 
Belgium in particular, it will 
only advertise how far foe EU 
countries are from achieving 
Emu. S it tries to bond foe 
Maastricht criteria for political 
reasons, it risks running foul 
of the Bundesbank, other EU 
central banks and the German 
constitutional court 


thanks to an aggressive adver- 
tising camp ai g n, and its care- 
ful targetting of affluent indi- 
viduals and aiwan business is 
winning back market share. Its 
local telephone business is 
among the most efficient in the 
nation and its cellular 
operations are enjoying partic- 
ularly fast growth. 

As foe smallest of the three 
big long-distance companies, It 
is subject to greater investor 
anxiety about eventual 
long-distance competition from 
the Baby Bell companies, now 
barred from that market But 
that is a good five to 10 years 
away, and Sprint is well on foe 
way to establishing itself as as 
a nationally branded telecom- 
munications service. A non-di- 
lutive EDS deal should bolster 
the stock, as would a link with 
an international partner. 




# 






• 3 





e,: 


** *v 

V V 




tj. 




amid 
u sides 





FINANCIAL TIMES MONDAY MAY 16 1994 


21 


EMERGING MARKETS: This Week 


The Emerging Investor / Ted Bardacke in Mexico City 

Devaluation raises questions about Mexico 


A poor first quarter 
performance by large Mexican 
companies, caused primarily 
fay an &6 per cent devaluation 
of the peso, has foreign inves- 
tors re-evaluating the credit- 
worthiness of the country's pri- 
vate sector. 

It has also prompted borrow- 
ess to search tar new hedging 
instruments In case of a fur- 
ther fall in the currency's 
value- 

Over the past couple of 
years, Mexican companies 
have borrowed some $20bn to 
fake advantage of dollar inter- 
est-rates being well below 
those in pesos. 

In the first quarter of 1994 
they paid tar it Exchange rate 
losses on this debt, reflecting 
the increased cost of repay- 
ment, approached llbn. Tel- 
mex, Cemex, Aeromexico and 
other companies were farced to 
take charges against earnings 
of $100m or more. 

Companies suffered such 
large losses because they were 


not active in Mexico’s maag np 
foreign exchange coverage 
mazfeet, where rates are expen- 
sive and contracts short. 

One solution would be for 
the Banco de Mexico, the m - 
tral bank, to offer the instru- 
ments necessary for the devel- 
opment of a futures market for 
the peso, allowing companies 
to hedge their dollar debt with 

a Tmnfr^i-p r] gf fncc 


to the futures market would 
require the central bank to 
issue long-term fixed-rate gov- 
ernment debt in pesos. At the 
moment two-year variable-rate 
notes are the longest the b an k 


In addition, Mr Miguel Man- 
cera, governor of Banco de 
Mexico, is said to oppose a 
futures market for fear of los- 
ing control over the exchange 
rate to speculators. 

However, if the central hwt 
does not move quickly, an off- 
shore parallel peso futures 
market may develop. For some 


Tan best perforating stocks 

Stock 

Oosriqr 

Mky 

ctora 

VhekanwMk 

$ 

% ^ 

Dates 

Turkey 

04450 

0.1725 

6031 

CSN 

Brad 

0.0238 

00047 

24.44 

LfeWmss 

Brad 

(10009 

aoooi 

17.99 

Daewoo Heavy Industries 

S. Korea 

174927 

23653 

15.79 

Lucky 

S. Korea 

2SL3311 

2.7658 

14,14 

Gaffing 

Malaysia 

12X1713 

1.4733 

13P0Q 

TPI Potene 

Thailand 

6.7736 

07804 

13-02 


Thriwy 

0.1358 

0,0155 

12A5 

CP. FeadmB 

Thafland 

&5360 

06221 

1052 

Krisda Mahanrtom 

Thailand 

3.0897 

02510 - 

088 




Sum Barts 

Sauna* 


time, a few companies have 
been using the cheap dollars 
lent to them by foreigners for 
speculative rather than invest- 
ment purposes. . 

Some stopgap hedging tech- 
niques are beginning to 
emerge. Tribasa, a construc- 
tion company, has over-collat- 
eralised the foil roads it has 
recently securitised, placing 
between 8 per cent and IQ per 
cent of bond proceeds in off- 
shore dollar accounts, to be 
used in case of a devaluation. 

Other companies, such as 
Grupo Carso, decided to con- 
vert a significant portion of 
their dollar loans to peso debt 
when domestic rates fell below 
9 per cent In February. 

The arrival of foreign banks 
to the peso lending market, 
scheduled for this summer, is 
also likely to bring new tools 
for c o rpo ra te treasurers. One 
US said ft at a recently 

approved trade line in dollars 
was turned down by the solicit- 
ing company. “Instead they 
want us to teach them how to 
hedge their current dollar obli- 


Pakistan fall blamed on a number of factors 

Pakistani share prices had recovered some of In a l eading company on the mar- 

ket, Dewan Salman Fibres, has suffered a set- 
back after a recent Euroamves-tiUe issue. At 
one point, the bond was trading at 10 per cent 
below its face value. That has dampened hopes 
for other companies ramridwhig rindinr phmk 
Finally, many brokers argued that foils in 
share values at other Asian markets had an 
effect “Urn overseas investors’ buying momen- 
tum has really slowed. There's a total lack of 
fresh buying coming in,” said Mr Mqri ^ar 
MaTfir a director at Bma Capital ixa wa gwwant- 
However Mr Nasfr Bukhari, chief executive of 
lnwHhn ah Shah Bukhari, “There b«H 
been a fabulous rtm-up which was due for cor- 
rection." Other brokers share Mr Bukhari's 
assessment of the index, which had almost dou- 
bled, is the past 6 to 7 months. 


dosed for the week on Thursday, writes Fortum 
Bokhari tn Islamabad. 

But the temporary recovery did little to 
strengthen investors' confidence after a week of 
specta cular foils. 

The KSE-100 index gained 35 points to 2^227, 
a tm significantly less than last Sunday's open- 
ing index of 2400 JO. 

Many analysts saw the foils as having been 
triggered by the law and order situation in 
Karachi where recent politically motivated kill- 
ings and public demonstrations, have created 
fresh uncertainty. 

Moreover, Pakistan's animal budget, due next 
mouth, is expected to include a widening of the 
general sales tax to more than 100 new items. 



Potential Investors and lend- 
ers say that they are beginning 
to change the focus of their 
credit analysis of Mexican com- 
panies, with the size of current 
dollar obligations together 
with potential foreign 
CTChawg o aan nin g s becoming 
more important thaw overall 
debt-to-equity ratios. 

The price-driven market is 
probably over, with fundamen- 
tal credit analysis replacing 


spread over treasury as the 

defining criteria,” said Ms 
Rebecca Miller of Bear Sterns. 
“It’s time to he sticking to the 
knitting.” 

While companies argue that 
their capital assets, which 
increase in value with each fall 
of the peso, are enough to 
guarantee their dollar loans, 
foreign lenders are increas- 
ingly talking ' to Hwk new capi- 
tal to actual dollar income. 

“We don’t lend working capi- 
tal,” said one US banker in 
explaining why his bank was 
unlikely to suffer from the 
recent devaluation. “Dollar 
loans must equal dollar rave- 
lines. More than being scared 
by this first quarter, we 
remember 1982.” Mexico’s 
shortage of foreign exchange in 


1982 presaged the 1980s debt 
crisis. 

Even share offerings are 
being scrutinised for their abil- 
ity to generate non-peso reve- 
nue. Managers ban filing a 
recent $130m public offering of 
Grama, Mexico’s largest torti- 
lla maker, say that they were 
only able to get the price they 
wanted after assuring inves- 
tors that three-quarters of the 
revenue would be destined for 
expansion projects outside 

There is little doubt that 
Mexican companies, paying 
local lending rates of about 20 
per cent, are stin in the market 
for foreign debt, even In these 
times of highw risk. 

"We need dollars. It is the 
only way to compete," said 


CURRENCY MARKETS 


Market focus remains on the dollar 


Foreign exchanges will again 
focus on the dollar this weds; 
with markets anticipating a 
further tightening of US mone- 
tary policy. 

The dollar has been fairly 
stable since central banks 
intervened to support it earlier 
this winrtft, but further stabil- 
ity presumes that the policy- 
making Federal Open Markets 
Committee will lift interest 
rates when it meets tomorrow. 

The market is expecting a 
fairly aggressive tightening, 
with most observers predicting 
that fhe Fed will lift the dis- 
count and federal funds rates 
by 50 basis paints. Anything 
less is likely to lead to a 
renewed sell-off of the dollar, 


and farther weakness in the. 
US bond market The two have 
traded in tandem recently. 

Last week the dollar gained 
support from the Bundesbank's 
aggressive cut of 50 basis 
points in nfflriai i n terest rates. 
It also benefited from the Bank 
of Japan easing monetary pol- 
icy, by allowing overnight 
interest rates to foil to their 
lowest level in 18 months. 

A tightening from the Fed 
would represent the fm«i stage 
to what appears to have been a 
concerted sequence of mone- 
tary policy initiatives, aimed at 
supporting the dollar, after the 
initial round Of inl nr w ntinn. 

Mr Steve Hannah, head of 
research at 2BJ International 


to London, said that the cut to 
German rates last week 
appeared to have given the dol- 
lar a solid base against the 
D-Mark. He raid European 
inves to rs also tended to tefieve 
that the dollar would recover 
from current levels. 

He is lew optimistic, how- 
ever. about its prospects 
against the yen. Although US 
-officials have recently been 
more emollient in their 
approach towards Japan, Mr 
TTannah doubts whether this 
will persist if - as he predicts 
- the Japanese government 
fails to deliver on market 
access measures. 

He said Japanese investors 
remained sceptical about the 


outlook for the dollar. They 
have a history of poorly per- 
forming foreign inves tments , 
mostly because of the strength 
of the yen. Mr Hannah said he 
could not foresee large Japa- 
nese capital flows abroad again 
“just because the dollar settles 
down for a few days.” 

In the UK a plethora of eco- 
nomic data, fncTntHng infla- 
tion, unemployment end retail 
sales, will be published. The 
six "wise men”, who offer 
. advice to the Chancellor an the . 
economy, will deliver their 
quarterly report, and the min- 
utes of the April monetary pol- 
icy meeting win be published. 

The data are expected to con- 
firm that the next move in UK 


• iul»u 


r.l 




rates will be up, which should 
support sterling. 


FT GUIDE TO WORLD CURRENCIES 


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n£ WaSTmiIi ffriS i Tmfl toSSfisSTaonla data darfend 8om 1)«WMmaWEB9 006840 SPOT RATES A Etank of Amsrtca. BjumuIu Oapsmnant London Tkadng Orta BMptaa: 071 834 48809. 


RUv.Mvia.in* 


It's three times as many 
miles to Japan. 

Triple mileage credits are available on all international JAL flights 
until 30th June 1994. Cali for details about JAL Mileage Bank Europe. 



Enrique Flores of Alto, the 
steel and petrochemical con- 
glomerate. He was undaunted 
by first quarter exchange write 
down of more than glOQm and 
an overall loss of halm. 

“This quarter reminded us 
that we have to watch our pro- 
portion (of dollar debt) and 
make sure we earn some dol- 
lars from each new capital 
investment. But we are st£Q in 
the market” 

Others, If they have suffi- 
cient cash in the bank, are 
likely to try to ride out the 
instability, not forcing any 
new dollar issues until cost 
estimations can be properly 
determined. For many, it may 
be the most wise move until 
the exchange wmrtrat. volatility 
subsides. 


News round-up 


■ Taiwan 

Taiwan has abolished rules 
restricting foreign insurers 
from pg fahTipMng subsidiari es 
on the island, agencies report 
The ftoantt* ministry said 
it bad scrapped a rule 
restricting a foreign insurer 
from taking a stake of no more 
than 30 per cent in a local 
insurance company. A ceiling 
of 49 per cent on total 
investment fay foreigners in 
a local insurer was also 
abolished, the ministry said. 

■ Portugal 

The country’s bond market 
is to be reformed next month 
with a comprehensive package 
of measures designed to 
increase liquidity, improve 
efficiency and bring trading 
practices into with other 
European capital markets. The 
government has said that the 
measures will create a wide 
range of new instruments. 

■ Venezuela 

The new tax on private sector 
debit transactions is not to 
be applied in fall force to the 
stock exchange- Instead, the 
0.75 per cent tax, taking effect 
later this month, will be 


applied just to the buyer's 
cheques. However. Mr Tony 
Ewell of BZWin London noted 
that foreign Investors would 
be taxed another 0.75 per cent 
when they seek to repatriate 
their money. 

■ Mexico 

The government has sold the 

final «aai»» m Teiefonos de 
Mexico, the telephone utility, 
to a convertible offering worth 
up to 9550m. This concludes 
the privatisation of Tehnex, 
the largest public company 
sold by a developing country. 
The privatisation began at the 
end of 1990 when the 
government sold a controlling 
20.4 per cent stake for XL76bn. 


■ China 

fihina plans an increase in B 
share listings which are 
denominated in dollars for 
foreign investors to an attempt 
to encourage its stock markets. 
Mr Liu Hongru, chairman of 
the fihina Securit ies 
Regulatory Commission, said 
the Eshare market was too 
hunted. 

• Emerging markets coverage 
appears daily on the World 
Stock Markets page- 


Baring Securities emerging markets indices 


Index 

13^5/94 

Weak on weak rnovwrrwnt 
Actual Poreant 

Month on imrah mcMamart 
Actual porcent 

Yaer to Cato movtamont 
Actual Poreant 

World (264) 

-147^7 

057 

039 

-6.10 

-397 

-2074 

-1331 

Latin America 

Argentina (19) 

105^0 

-1.86 

-1.73 

-191 

-1^2 

-9.48 

-822 

Brad pi) 

123.99 

395 

329 

-51.65 

-29.41 

-15.66 

-11^1 

Chile (12) 

165-35 

018 

Oil 

6.75 

4J26 

17.81 

1307 

Mexico (24) 

131.47 

-1.11 

-084 

-296 

-1.54 

-29.79 

-1348 

Latin America (76) 

-130.70 

0.17 

013 

-1363 

-9.44 

-1355 

-12^3 

Biope 

Greece (14) 

88.62 

-4l00 

-Ol 

039 

044 

552 

365 

Portugal (14) 

113.17 

-4.84 

-4.10 

-1372 

-1082 

1.04 

093 

Turkey (22) 

56.95 

-2.77 

-4.64 

-1303 

-21^7 

-104.76 

-64.78 

Europe (50) 

—9109 

-4.12 

-4^4 

-Oil 

-391 

-19.14 

-UJQ5 

Ate 

Indonesia (20) 

143.91 

23a 

1.61 

528 

381 

-27.13 

-1586 

Korea (23) 

131^9 

3.04 

2J37 

15.48 

13.35 

21.79 

1986 

Matayata(22) 

212.63 

523 

2.52 

029 

1D9 

-40.42 

-1587 

Pakistan (10) 

105.45 

-7^7 

-6.70 

-11.73 

-1001 

-324 

-5.58 

PhUppines (11) 

281.19 

-6.75 

-294 

24,88 

9.71 • 

-41.28 

-1280 

Thailand (22) 

208^5 

3^8 

1.74 

3424 

317 

-54.71 

-2076 

Taiwan (30) 

152.10 

053 

0.35 

15.49 

11-34 

-1.61 

-185 

Asia (138) 

-195J4 

2.59 

1.34 

9.16 

4^92 

-25.88 

-11.69 


Al MM* ki 8 tana, Jmn 7th 1802*100. aounc tatng B.grt w 



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Notice of Redemption 



Corpor at ion 

(tacoi punned fan 
WaksoahbNtud 


PLC 


£ 110 , 000,000 Cbm AI 

Mortgage Backed 
Floating Rate Notes 

Due Novembers 2035 
NOTICE IS HEREBY GIVEN 

to the holders of the Class Al 
Notes, that the Issuer has deter- 
mined in accooiance with the 
Redemption pro visions set out 
in the Terms and Conditions, 
the Class Al Notes in the 
amount of £8,800,000 will be 
redeemed on die next Interest 
Payment Date, 31st Ma?, 1994 
(the “Redemption Date”). The 
Class Al Notes will be re- 
deemed on a pm rata bass and 
die Principal Payment per Class 
AL Note will be £8,000. The 
Principal Payment on each 
Class Al Note wiD be made in 
accordance with the operating 
procedures of Eurod ear and 
CedeL 


MBtaktn’W 

ilCnHumLaa 


CoaiQsny, London AfuiBnk 
lMilfef.WM 


U.S^700,000,000 

♦ 

SUMITOMO BANK INTERNATIONAL 
FINANCE N.V. 

Guaranteed Floating Rate Notes 
due 2000 

Guaranteed on a Subordinated Basis as to 
- Payment of Principal and Interest by 

The Sumitomo Bank, Limited 

in accordance with the Description of Note* and Guarantee, 
notice is hereby given that the rate of interest for the three 
months from 16th May, i994to 16th August, 1994 has been fixed 
at 6.125 percent per &nnum and thatthe coupon amount payable 
on Coupon No.16 on 16th August, 1994 will be US$130 SI per 
note of US$10,000, US$1,309.72 per note of US$100,000 and 
US$13,097.22 per note of US$1,000,000. 


♦ 


The Sumitomo Bank, Limited 









22 


FINANCIAL TIMES MONDAY MAY 16 1994 


WORLD BOND MARKETS: This Week 


NEW YORK 


All eyes in the DS fixed-income 
ma r ke t will be on the Federal 
Reserve and the meeting of 
its Open Market Committee 
tomorrow, which is expected 
further to tighten monetary 
policy. 

Wall Street is expecting an 
increase of 50 basis points in 
the discount rate, taking it 
from 3 to 3.5 per cent, and an 
increase of either 25 or 50 basis 
paints in the Fed funds rate, 
taking it to 4 or 4J25 per cent 

Positive inflation statistics 
late last week increased the 
possibility of a 25-point 
Increase. The Labor 
Department reported on Friday 
that consumer prices rose just 
0.1 per cent in April. This gave 
some support to the market 
with the yield on the 30-year 
benchmark issue ending the 
day at 7.49 per cent down from 
7.56 on. Thursday. 

However, the Fed will be 
looking for signs of inflati on 
months down the road, and 
in weighing its decision win 
have the advantage of April's 
industrial production statistics, 


Martin Dickson 


us 


Benchmark yWd curve (%}*■ 

13/V94 _ Month ago => 



‘Al ytefefe are market CdwanBor. 
Source: Men* lynch : 


due *hi« morning. Output has 
risen for 10 months in 
succession and March saw a 
strong 0.5 per cent increase. 
The median forecast for April 
is a rise of 0.8 per cent 
Other figures which may 
affect the market include April 
housing starts, due on Tuesday 
and expected to show an 
annual rate of 1.45m; and the 
trade balance, out on 
Thursday, which is expected 
to narrow to $&3bn In March 
from $9.7bn in February. 


LONDON 


A flood of economic statistics 
and c omme nt this week will 
keep the gilts market on its 
toes. Mr Ian Shepherdson, UK 
economist at HSBC GreenweD, 
says: “Gilts could end the week 
three points up or three points 
down", depending on 
Wednesday’s news of retail 
price inflation in April 
average earnings in March. 

A jump in average raraing ji 
growth to 3.75 per cent tn the 
year to March from February's 
85 per cent would be 
“dreadftaF. he says. A rise in 
April’s retail price inflation, 
minus mortgage interest 
payments, to above 25 per cent 
from 2.4 per cent would be 
“disappointing”. 

According to Mr Simon 
Briscoe, an economist at 
S. G. Warburg Securities, the 
background for gilts looks 
more favourable than for some 
time. Last week’s UK trade 
figures reduced fears of a 
trade-induced sterling crisis 
and he expects less talk of 
leadership straggles in the 
Conservative party following 


Peter Normar 


Benchmark ytefci curve 

. Maothaes <= 

• — — 

> &o- 

.. 75 
"75- 
* <L5- 



.43 1 — ■■i j-'—j — j 

.20 .25 

SnraMBRttUKh 


last week’s tragic death of Mr 
John Smith, the Labour leader. 

Recent US news may also 
foster «>imgr conditions on 
global bond markets. 

The Bank of England 
contributed to the better tone 
with Friday's announcement 
of its first convertible gilt since 
1987. Details are due tomorrow. 
The Bank’s apparent 
determination to resist a cut 
in base rates has also boosted 
hopes of steady and 
sustainable economic recovery. 


FRANKFURT 


A combination of domestic 
and international factors will 
determine the course of file 
bund market during the next 
few days. 

An tha intern ntinnaT front, 

any move by the US Federal 
Reserve to raise US interest 
rates will have a knock-on 
effect on the German market 
Paradoxically, the sharps - the 
expected increase in US rates, 

Eh a h gttpr the 

outlook for government 
securities in Germany - a 
decisive move from the Fed. 
may eliminate the uncertainty 
which has induced the Gennan 
market to follow the US 
downwards this year. 

On the domestic front, the 
focus will be on this week’s 
“repo” tender operations. 
Traders win be concerned to 
see how wilting the 
Bundesbank is to follow the 
generous, half-percentage point 
reductions in the discount and 
Lombard rates last week with 
a substantial cut in money 
market rates. 

Later in the week, the 


David 


O a uu any ; 

BencftmaftyfaWcuoiapy 

13WB4 ■ — .■.■'.Month ago e== 
73 : ™ 



'A8 yMds me (naiKstcomranttoa 
Solew MORS Lynch- 


Bundesbank may release data 

on M3 money supply growth 
far April. It is too early for last 
week’s interest rate moves to 
have had any effect, but the 
data will be studied closely 
for signs that the “exceptional 
factors" which have bloated 
M3 growth this year are 
beginning to recede. The 
consensus is for seasonally 
adjusted, annualised growth 
of 14 per cent or less, after 
more than 15 per cent in the 
previous month. 


TOKYO 


A foil in short-term interest 
rates to record lows and 
increased buying interest from 
institutional investors are 
expected to support Japanese 
tend prices this week. 

Since the instability of US 
financial markets, caused by 
tears, of rising US inflation, 
have also unnerved Japanese 
bond investors, they will be 
focusing on the US Federal 
Open Market Committee 
meeting and the Federal 
Reserve Board’s stance on . 
interest rates. 

White the fluctuations of 
the currency markets and the 
US bond market continue to 
affect investor sentiment, 
Barclays de Zoete Wedd in 
Tokyo expects domestic 
institutional interest in short- 
anri medium-term bonds to 
support the new issue market 
for four- six-year 
government notes and bank 
debentures. 

Market volume is a 
benchmark for the recovery 
in confidence towards the bond 
market A rise in trading 


Emiko Terazonc 


E tane hm xr k yield curwftf 
— Worth ago e=s 

S3- 



volume for the 10-year 
benchmark bond on the 
broker-broker market to above 
YSOQm a day - a level not wan 
on a sustained basis sfoce 
eariy March - will signal a 
return of investors, says BZW. 

Meanwhile, the spate of 
c or p or ate e arnin g s 

anwHmwnnwite this week i& 

qypec t e d to «mfirni the fragile 
state of the economy, and the 
deflationary effect of the yen’s 
strength an profits of 
export-oriented companies. 


Capital & Credit / David Waller 


Bundesbank takes a bet on its credibility 


Last Wednesday's generous 
cuts in the German discount 
and Lombard shortterm inter- 
est rates came after a long 
period in which rates had been 
allowed to fall only in a 
sequence of teasingly small 


“Prima!" (“Great!") was how 
Mr Norbert Walter of the Deut- 
sche Bank greeted last week's 
cuts, which took the discount 
rate to 45 per cent and the 
Lombard rate to 6 per cent Mr 
Martin Hfifner of the Bayer- 
ische Vere ins bank said the 
German central bank was tak- 
ing frill advantage of an ideal 
combination of circumstances. 

The move was readily com- 
prehensible against a favoura- 
ble background of falling infla- 
tion ( inflation is set to drop 
below 3 per cent early in the 
second half of the year) and a 
weak dollar. Many economists 
saw the move as a natural 
extension of the Bundesbank's 
Intervention to support the US 
currency in the previous week. 

For once, then, a cut was 
supported by both interna- 
tional and domestic policy con- 
siderations - a pleasant 
change, economists observed. 


from the state of affairs over 
recent years, when domestic 
policy considerations have run 
contrary to the wishes of other 
countries. 

The 'interest rate cuts, which 
many expect to he the last 
before the Bundesbank policy- 
making co unc il's summer 
break in 10 weeks, were not 
without elements of surprise 
and controversy. 

The timing was unexpected 
- the consensus had been that 
the central h ank would not 
move until its meeting in two 
weeks, when it would have had 
more data on inflation and 
money supply to support fur- 
ther easing. 

More importantly, the rea- 
soning behind the move was 
unusual, not to say revolution- 
ary for the Bundesbank. The 
central hank said it was justi- 
fied in the light of the improv- 
ing outlook for inflation in 
Germany - so far. so conven- 
tional - but also that it would 
help dissolve the “monetary 
blockage" which led to the 
explosion in money supply 
growth in the early months of 
this year. 

The statement that a reduc- 


tion in interest rates will con- 
tribute to a reduction in money 
supply growth stands the 
Bundesbank's standard argu- 
mentation on its head: it has 
previously maintained that 
interest rates have to be kept 
high to prevent growth in M3, 
the broad measure of money 
supply on which the Bundes- 
bank r entes as a Tiding indica- 
tor for the development of 
future inflation. 

The Bundesbank justifies 
this volte-face in reasoning by 
saying that under current cir- 
cumstances a substantial 
reduction in interest rates will 
encourage investors to shift 
money out of shortterm depos- 
its into longer-term investment 
vehicles, such as bunds, which 
foil outside the definition of 
money. 

The central bank believes 
this will reverse the flows of 
money which have led the 
explosion of M3 growth - M3 
was up by a seasonally 
adjusted, annualised 15.4 per 
cent in March compared with 
the 4 to 6 per cent target range 
for 1994 - and cause the forma- 
tion of capital instead. 

This riflrm is highly contro- 


versial" and many economists 
believe the central hank is tak- 
ing big risks. 

"The Bund esbank is taking a 
major gamble on its credibil- 
ity,” «Hd Mr Adolf Rosenstock 
of the Industrial Bank of Japan 
in Frankfort “A big bet on M3 
slowdown", is how Mr Sennit 
Schoenholtz at Salomon 
Brothers International in Lon- 
don put it 

The risk is that M3 does not 
behave as the Bundesbank 
wants it to. “Then in a few 
monflue time, the Bundesbank 
win face an awful dilemma, " 
observed Mr Joachim Pels at 
Goldman Sachs in Frankfort. 
“It win realise the policy has 
failed and it will either have to 
abandon M3 altogether, or it 
will have to start raising rates 
to bring money supply back 
under control. " 

The danger that investors 
will continue to park their liq- 
uid assets at the short end of 
the yield curve is real. Bund 
yields, up more than a full per- 
centage point from a low of 
558 per cent in eariy January 
this year, foiled to respond sub- 
stantially last week. 

“The current yield of 63 per 


cent is not sufficient to com- 
pensate Investors for the risk 
of holding long-term assets,” 
said Mr Fels. “Given the vola- 
tility in the bund market over 
recent months, the Bundes- 
bank can’t expect to shock 
investors out of short deposits 
- the uncertainty factor is too 

high." 

The pessimism is under- 
scored by a shift in market 
expectations about interest 
rates. Futures markets now 
expect shortterm rates to bot- 
tom out in September, rather 
than at the gr»d of the year, 

and at a hi gher level than had 

been expected only months 
ago. 

This reflects worries about 
the chancfts of a recovery in 
the German economy, stimu- 
lated by a crop of recent data 
suggesting that the economy 
will avoid a “double-dip” reces- 
sion. The more buoyant the 
economy, the more likely it is 
that the Bundesbank will start 
raising interest rates again. 

Ironically, the lower rates 
introduced last week will stim- 
ulate the economy and make 
the Bundesbank's task trickier 
later in the year. 



UK GILTS PRICES 


Wk% AH* 
Meat +7- On 


da 


Lot Ofy 
Mi Poe 


WK% MW 
Notes WcnE *4- Em 


u*c* 

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.10I9H — 1,900 

1*01995 104* -.1 2J60 

Ml 3pc 9» 90-95 90 — 214 

10*pc199S I 05 m — 2JB0 

ltax12*pc 1095*4 — I09H — 040 

HOC 1936 1121* 0.1 770 

15*oc1986# 11% 02 1.150 

BUS 13Vpc 1996# 11211 02 000 

Omental lOpc 1999 — icub 04 31409 

Tram 13 5 *pc 1937# 1144s OJ 1.290 

10*1901997 183* OS 1700 

TfcwOkpe 189744 104J, 0S 5560 

EMI15PC1897 12215 SB 030 

9\pc1998 10GB 07 *550 

Tibbs 7** pc 1923# 99£ OB 7350 

Treat 6*pc 1095-9844- 97fi OB 1,200 

Mpcso-i iaoua oo oto 

TfctaWiaeWtt 12815 09 835 

Ettft 12*1 998 115JS* 07 3300 

ItaH 9feciUB# 106,’. 00 1,900 


M9DC9 
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1*717*17 
JUS 425 
MflM/l 
J*2lJy21 
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Tien 6*1999** 92U 1.0 5300 FalOAulO 

CHWMHI loupe 1000- I09*to OB 17W Uy22l*22 

Tran Fig Rate VS 99Qoj _ o 

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Treat I3pe 2000 122* 04 3,171 Jai4Jyi4 

1 (fee 2001 109A OB 4406 WSAU26 

Tpelilt* 94* 09 0250 M|6N»S 

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BpcBXBtt — B9,VH IS 7,800 JelODllO 

10pc2003 111 IS 2,503 KMSeB 


15 1284 
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11513*5 
2012 1294 
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17.21204 
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. xd Ex dMdand. Oi wta g saHMoa am ahom 1 n powda. W — l ay parrm u pa dhaaa* m oiasalad on a Fitaay 10 Friday I 


Tka notice bt issued in compliance with the requirements of the InSemaOancd Stock Exchange of Che United 
Kingdom and the Republic of Ireland Limited Cthc London Stock Exchange "), h does not constitute an qfrr or 
Invitation to any person to subscribe Jar or purchase any of the o rdi nar y shares qf l Op each cf Pinencrieff \ 
Resources ptc Ordinary Shares”). Application has been made to the London Stock Exchange for the 
Ordinary Shares tn issue and now being issued to be admitted to dm Official List. 

The admission of PtUenaieff Resources pic to listing on the London Stock Exchange Is conditional inter alia on 
dm reorganisation qf the Pitiencriqffptc Group being completed it is expe ct ed that dealings tn the Ordinary 
Shares will c omm ence on 22nd June 1994. 

Pittencrieff Resources 

pic 

(incorporated and registered In Scotland -Registered Number 149507) 

Placing and Open Offer 
by 

Quayle Munro Limited and Morgan Grenfell & Co. Limited 

of 

27,000,000 Ordinary Shares of lOp each at lOOp per share 


Share capital following the Placing .and Open Offer 


Authorised 

£7,917,700 


Ordinary Shares of lOp each 


Issued and folly ped 
£5,755.305 


Listing Particulars are available for coflectkm during normal business boms for a period of two business days 
from ltitb May 1994 from foe Company Announcements Office, Ac London Stock Exchange, London Stock 
Exchange Tower, Capd Court Entrance, off Baztbriooew Laoe, London EC2 and on any weekday up to and 
including 22nd June 1994 from Pinencrieff Resources pie, Hanover House, 45 Hanover Street, Edinburgh EH2 
2PJ and from: 


Quayle Munro Limited 
3 Charlotte Square 
Edinburgh EH24DR 


16th May 1994 


Morgan Grenfell £ Co. Limited 
23 Great Winchester Street 
London EC2P2AX 


This advertisement has been iqqnuuedhy Quayle Mmmp fjnf iNfAqfiff 
Morgan GratfeR it Co. Landed, members qfThe Securing and Futures Authority 


LEGAL 

NOTICES 


lx Ok BWk Carer* or Mkt 


IN TH8 MATTES OV 
CXAKJBX. fOCKOtXS A COOMXS FLC 

IN THE MATTES OF 
THE COMPANIES ACT 1909 
NOTICE B HEREBY GIVEN KM a Pedtare w* 
ob the 3rd of May 1994 presented to Ha 
Majesty's High Coon of Justice (or ih 
laiMEmsita i of the todnetioa of the taptari of da 
above oaned Compeay hta 327^411570140 X 

£2100000 a 

AND NOTICE GS FURTHER 0(VEN dua tb 
said rct&oji is dtacetol re be beard before M 
Bo g ifi Mf if tbc Royal Coon of Jottics 

SUaad. Loadoo WC2A 2LL on Wednesday *« 
ZSdtdayofltay 1994. 

ANY Creditor or Shareholder of Ure salt 
Coopany dedrtag b> oppose the nakiiig of at 
Onkr for ra n flnnit i as of tta said rodoaioa o 
eaptal sbeold appear at tec time at Ao touring b 
peaon arbjr OmobcI toriha parpooe. 

A copy at tbc said Petition ain be Bunlabed tr 
any aneb person repairing iba sane by Uu 
ondenaaBtnaed Soliaton ob payuaret oT its 
redialed ebarac tor OK sane. 

OWED Us m day of May I9W 
Lorell White Unanl 
«, 


BC1A2DY 
Rat MADQ 
SoUetexi tor tba store 



(to. 001877 oT [99* 
IN THE HUU OODBT OF JUSTICE 
CHANCER Y OTVJS10N 
IN THE MATTES Of AIBTOURS PLC 
AND 

IN THE MATTES OF THE 
COMPANIES ACT UBS 
Notice fa hamby given (bit Hie cider of [he 
Ugh Qmr td JasiCB (Chancery Drirbtoa) 
dMed4HMay 1994coafinalngibe csnrriHrtnn 
of toe taare pereimn neenna ellbo Cmaany 
w»s niglaii ii rtty toeRqpsttnrof Campanka 
on Stt. May 19IM. 

Dated to 144 tky of May I9W 

Adtoesbaa Sons A Latoaa 
DetedsUanio 


M2 LID 

rRe£RNFurxa 

l Snl k ilkn la Ihc Conpnj 


International / Sara Webb 


Dutch win back state debt trade 


The Amsterdam Stock 
Exchange is claiming a victor? 
on its home turf. After years of 
witnessing the steady seepage 
of trading business in Dutch 
government bonds to London, 
the Amsterdam exchange now 
claims tha tide is ti ming and 
that the proportion of trading 
in Dutch state debt conducted 
overseas is gradually declining, 
due to the introduction of a 
new inter-dealer-broker (EDB) 
system in A iiidw dflwi . 

The Dutch central bank, 
which has been monitoring the 
relative level of trading of 
D ut c h government b ond s both 
in Amsterdam and in London, 
anmmnBid earlier this month 
that the proportion of business 
carried out in London has 
fallen from 50 per cent during 
1992, to around 30 per cent this 
year. 

London bad seen as mnr»h as 
60 per cent of the trading activ- 
ity in Dutch government bonds 
back in 1989, and the Amster- 
dam exchange was clearly con- 
cerned about the flow of busi- 
ness overseas. In its efforts to 
daw back trading volume, it 
asked McKinsey & Co to study 
the problem and make recom- 
mendations as to how the 
exchange should develop 
in order to become more 
competitive. 

McKinsey mode its report in 
late 1992 and noted that the 
competitive position of the 
Amsterdam stock prahangp in 
both equities and bonds had 
deteriorated in the late 1980s, 
adding “quantitative compari- 


sons and interviews paint to 
three mgjor causes for the 
recorded loss of market share. 

“First, foreign investor trad- 
ing in Dutch securities has 
grown strongly. Second, com- 
petition from foreign interme- 
diaries has increased. And 
third, the pe rforman ce of the 
Amsterdam Stock Exchange 
has lagged behind that of Lon- 
don’s securities market" 

Foreigners have been keen 
investors in Dutch government 
paper in recant years for sev- 
eral reasons. 

The Dutch currency is very 
tightly pegged to the D-Mark, 
and Dutch monetary policy has 
followed that of the Bundes- 
bank very closely. 

Furthermore, the Dutch 
inflation picture was for less of 
a worry than in Germany, so 
when “convergence” was the 
buzzword of the European, gov- 
ernment bond markets, inves- 
tors simply regarded Dutch 
government bonds as “bund 
surrogates" with the result 
that Dutch yields have tended 
to trade very dose to, or even 
lower than those on Gennan 
bonds. 

The Agency of the Ministry 
of Finance, which sells new 
issues of Dutch government 
paper, has steadily tried to 
Increase the appeal of Dutch 
bonds to international inves- 
tors. 

Mr Henk Bevers, the agent, 

stresses that the key chang e 

has been to improve the liquid- 
ity of the individual bond 
issues. 



Ams ter dam Stock Exchange: 
claims the tide is turning 

“Foreign investors said that 
liquidity was very Important, 
so we have been trying to 
boost that.” he says, adding 
that while the Agency of the 
Ministry of Finance used to 
hold about 10 tap issues a year 
of around F12bn to F13bn 
each, “now we have four or 
five issues a year but of greater 
size”. 

The Agency has also opted 
for a wider array of maturities 
- issuing a 30-year stock at the 
end of 1992 which had consid- 
erable appeal for both domestic 
and international hudiHitHmial 
investors. Such long-dated 
issues are a common in the 
French and US bond markets. 

“The market was very appre- 


ciative when we did our 
39-year issue,” said Mr Bevers. 
The decision by the Dutch to 
launch a 30-year bond may 
well have provided some of the 
inspiration for Germany, 
which fallowed with its own 
30-year bund a few months 
late-. 

However, while ownership of 
Dutch bonds by foreigners 
steadily increased from 19 per 
cent in 1988 to 24 per cent in 
1993, the Dutch authorities 
were for less thrilled at the 
clear signs of trading activity 
disappearing to London. 

To counter this flow of busi- 
ness. the Amsterdam Stock 
Exchange encouraged the 
establishment of an inter- 
dealer-broker in Amsterdam 
last year, whereby banks . and 
brokers could inform the EDB 
of their hid and offer prices. 
The EDB then advertises the 
prices on its screen system 
while ensuring tin* anonymity 
of the prospective buyers and 
sellers. 

hx October last year, fonagn 
broking houses which did not 
have offices in Amsterdam 
ware invited to take up “spe- 
cial membership" of the 
Amsterdam Treasury bond 
market so that they could buy 
ami sell via the EDB without 
having to set up offices in 
Amsterdam. 

Already, the Dutch authori- 
ties are claiming the structural 
changes have proved a success 
as trading activity is gradually 
enticed back to their home ter- 
ritory. 


NEW INTERNATIONAL BOND ISSUES 


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23 



FINANCIAL TIMES MONDAY MAY 16 1994 


EQUITY MARKETS: This Week 




/ 


/ 


■. .V 

•v • 


f ' 




NEW YORK 


Inflation alarm 
bell likely to 
stop ringing 

In recent weeks, long-term us interest 
rates have been climbing rapidly 
amid growing concerns about 
resurgent inflation - concerns which 
have spread to the stock market 
where prices have straggled to make 
any headway in spite of mostly 
h uffish news an the economy. 

This week, the stock market wUI 
be abte to judge for itself whether 
inflation is on the rise again, 
soma good news should allow stocks 
to shake off their Inflation fears. 

Tomorrow, the February producer 

prices index is released and a day 
lata:, tiie consumer prices index is 
published. Although analysts expect 
the two indices to show slightly 
stronger growth. -than in January 
(the brokerage boose Donaldson. 
Lufkin & Janrette forecasts that both 
the FPI and CPI rose by 0.4 per cent 
last month), the inflation alarm bell 
is likely to stop ringing. 

If analysts' forecasts prove correct, 
the annual consumer inflation rate 
- the most closely-watched of the 
two indicators - will measure close 
to 2.4 per cent That Is a full point 
below fee comparable rate recorded 
at the same stage of the year in 1933, 
a remarkable reduction considering 


Patrick Haiverson 



w*ira- ■ 


qutoUy. While most of Wall Street 
was in agreement by the end of last 
week that the fuss the bond market. 


, -*•« 


a significantly Easter pace over the 
past two months than in the same 
eight weeks a year ago. 

A hint of how markets are likely 
to respond to favourable inflation 
reports came last Friday, when after 
a poor start, shares rose steadily on 
the back of decHning bond yields. 
Stocks firmed partly because 
investors turned more optimistic 
about tids week's inflation data. 

But even if the inflation picture 
brightens, political problems that 
have unsettled investors in recent 
days are unlikely to fade especially 


over the rumours swirling around 
the Whitewater affair was overdone, 

the White House is unlikely to emerge 
from under the clouds of the 
‘‘scandal” particularly soon. 

As long as the perception holds 
that President fTHnfnn in 
hampered by the growing inquiry - 
into Whitewater, and by press reports 
of a possible cover-up, then it is of 
concern to investors. 

Why is not easy to answer, but 
it Is often said that if the President 
gets into deeper trouble, so does his 
political which irw.liiffeg sttch 

market-sensitive programmes as 
healthcare and welfare reform. IT 
Mr Clinton's position, weakens 
becaase of the Whitewater affair, 
then the dollar win probably also 
_ weaken. And a weaker dollar means 
imports are more expensive, which, 
puts up the rate of inflation. 

Politics aside, the stock market's 
immediate future depends greatly 
on what happens to long-term interest 
rates. While the 30-year yield may 
edge a bit higher, bond investors 
may soon realise that the correction 
in the Treasury market has gone 
far enough. This would give the stock 
market some much-needed breathing 
room, and allow investors to 
the events of the past few weeks in. 
a more considered fashion 


LONDON 


Bond market 
stability the 
key to growth 

Stock-market analysts are sounding 
increasingly frustrated as they watch 
the FT-SE 100 Share Index sitting 
an the SJQO fence, unable to 


srrv bvlanti 


* P . 




markets but unwilling to give 'any 
further ground. 

Most still take a bullish view on 
die market, but Hew can make a case 
for any dramatic move in the near 
term. S. G. Warburg bases its case 
on a shift of interest towards earning s 
estimates for 1996, admitting that 
M a dull summer" may, meanwhile, 
be hi prospect. 

There is considerable institutional 
support whenever the Footsie index 
dips into the 3,100 area, mostly 
showing itself in the stock index 
futures market But the stock market 

r wtnflina unwhle tr» dframpte-fnim 

the bond markets. 

Klclnwort Benson points out that, 
with equities yielding a prospective 
4J2 per cent, cash ought to be burning 
in fund managers* pockets. “Bond 
market stability would release it into 
the equity market,* it adds. 

This week may bring some 
movement on thfa front. It was clear 
on Thursday, when London bad the 
European field to itself, that UK 
bonds are still moving in step with 
US Treasuries and wafting for the 
Federal Reserve to tighten policy 



Setting aside the overall economic 
background, there are signs that 
attitudes towards some sectors are 
cha nging . BZW believes pricing 
sensitivity may be beginning to 
preseat a challenge to thn hnfl 
in manufacturing stocks. Ha answer 
to tfriw is to recommend 
on .manufacturers displaying superior 
pricing power and with exposure 
to Europe, a favourite BZW thema 
The UK engineering and vehicles 
sector offers the highest (40 per cent) 
exposure to Europe on the 
manufacturing sector, according to 
BZW. Close behind is the printing 
and packaging sector, with 96 per 
cent exposure, and building materi al 
and merchants, with 81 per cent 


BZW to close its bearish stance on 
the domestic consumer service 
sectors. Pressures on pricing and 


However, some analysts argue that 
more determined action from the 
Fad would st fthflify bond markets, 
and give TJK equities the environment 
they need to respond more strongly 
to the i mprov ement fri fl mnnmlr anri 

corporate news. 

Unfortunately, developments on 
Friday afternoon suggested that the 
UK markets now reckon the Fed may 
not act as strongly as they once 
feared. 


sectors, particularly food. But 
Sainsbury sounded more positive 
on gross margins last week, and BZW 
links its own more favourable views 
on sector margins to its feith in 
European exposure. 

On the consumer and services side, 
European exposure is less marked. 
Brewing has only a 4 per cent 
exposure, although the addition of 
spirits, wine and cider interests takes 
that figure to around 23 per emit 
Pharmaceuticals have 27 per cent 
exposure but these stocks have yet 
to recapture investor confidence. 


Mi 

debt trail 



OTHER MARKETS 


STOCKHOLM 

Astra’s first-quarter figures come 
out tomorrow. Analysts are looking 
for sales of SKrSbn, a rise of some 
20 per cent, with sales ofLosec up 
30 per cent to almost SKrZbn, and 
Pulmicort safes up 35 per cent to 
SKrSTOm. Hoars Govett says pre-tax 
profit in the first quarter of 1993 was 
very positively affected by a Large 
translational benefit “Consequently, 
although operating profit is expected 
to increase by more than 35 per cent, 
on a comparable basis, pre-tax profit 
Is only expected to increase by 15 
per cent to SKrSbn, For all 1BH sales 
are expected to reach SEr27^bn. with 
pre-tax profit of SKr9.45bn and 
^mfrigp per share of SKrtl.4.” 


MADRID 

Telefonica's first-quarter figures are 
due out today. UBS global research 
says that while quarter-on-quarter 
results are particularly difficult to 
forecast, they expect a 4.7 per cent 
rise to Ptal4.7bn in net income for 
the parent company. "A better 
measure of performance may be cash 
earnings: we are forecasting 
first-quarter cash earnings of 
Ptaii8.7bn, up 9J2 per cent” 

AMSTERDAM 

KNP BT, the paper and graphic 
supplies group, announces 
first-quarter results on Wednesday. 
The group has already reported at 
its recant annual meeting net profits 
of around FI 5tat, compared with 
a Vosa in the same period last year. 
Hoare Govett notes that the recovery 
is broadly based, “with all divisions 
showing better results. Demand 
volumes, as well as prices for paper 
and packaging products, have 
recovered from low 1993 levels and 


(paper merchanting/office products 
and graphic information systems) 
are also expected to show 
i m pr ov ements **n« y war 
Restructuring programmes will 
improve results in all divisions. Our 
current aamfog a par es timates 
1994, FI L60 and 1993, FI 4^0.” 

TOKYO 

Share fluctuations this week will 
be affected by the currency 
movements and the strength an US 
stock and bond markets. Hopes of 
a US credit tightening helped the 
dollar against the yen last week, and 
further stabilisation of the currency 
markets, which will largely depend 
on US interest rates, is expected to 
encourage investors. Meanwhile, 
many investors are Bkely to remain 
inactive, due to the spate of corporate 
results, which may cause seme 
volatility. - ; 


RISK AND REWARD 

Debate over need 
for European 
clearing system 



The official 
opening of the 
Channel Tun- 
nel earlier this 
month has 
finally linked 
the UK with 
the rest of 
Europe. 

Although much 

slower and for more expensive 
to build than most people had 
ever imagined, this engineer- 
ing feat shows that the hurdles 
which stand in the way of 
European integration can be 
overcome. 

So it seems absurd that in' 
the fast-growing and high-tech 
world of derivatives, there are 
no links between Europe’s 
futures and options exchanges, 
even though an electronic trad- 
ing and clearing system could 
be set up at a fraction of the 
cost and the time needed to 
complete the Channel Tunnel 
At the moment, institutions 
which deal on LifTe in London, 
the Matif in Paris, the DTB in 
Frankfurt and the other 
exchanges from Spain to Aus- 


tria have to put up margins 
and pay membership and deal- 
ing costs at each exchange. 

This is an inefficient use of 
capital, since their risk profile 
is often lower than the margin 
they have put up because a 
position on one exchange 
might be offset by another else- 
where. The consolidation of 
the ^paring mechanism would 
be beneficial to users," says Mr 
Graham Newall, chief execu- 
tive of BZW Futures. 

The DTB and the Matif are 
in the process of linking their 
trading systems. By October, 
Matif members will be given 
direct access to selected DTB 
products through the installa- 
tion of screens In France. The 
next stage would Involve list- 
ing two Matif products on the 
DTB. This alliance aims to 
make the two exchanges more 
International, increase liquid- 
ity and reduce costs. 

However, the link will be 
limited to trading since issues 
such as jurisdiction and cur- 
rency risk hinder the linking of 
the -two dealing systems. Mr 
WUli Brandt, spokesman for 
the DTB, rays the DTB prod- 


ucts will be cleared through a 
DTB clearing member and the 
Matif products through a Matif 
clearing member. 

According to Mr Gilbert Dur- 
ieux, chief operating officer at 
the Matif, the final aim is to 
have a centralised clearing sys- 
tem which be says would be 
easy to design. "Having said 
that, we are not in the US but 
in the European Union, which 
mpgm< there is no single cur- 
rency and no single central 
bank,” he says. 

As a result, the formation, of 

a centralised clearing system is 
being hampered by Important 
legal questions such as who 
would be the lender of the last 
resort. 

Even proposals such as 
"mutual offset" between, the 
two exchanges (whereby mem- 
bars would be able to offset 
their positions in contracts 
with similar maturities) would 
run contrary to the principle of 
a clearing system, which 
requires it to be balanced at 
the end of t rading day. 

Mr Durteux adds that it is by 
no means certain that 
exchange members want a cen- 
tralised clearing system, since 
this could eat into income they 
derive from providing clearing 
Services to their customers. 

In the near term, the DTB 
and the Matif hope that the 
cooperation will attract busi- 
ness away from Liffe, where 
the lion's share of trading in 
bund futures and options takes 
place. By contrast, Mr Daniel 
Hodson, Liffe’s chief executive, 
does not feel the need to forge 
any strategic alliances. “We 
are essentially an international 
exchange whereas the DTB 
and the Matif are domestic 
exchanges," he says. 

ijffa may be riding high at 
the moment - on 12 days in 
the last quarter it exchanged 
more contracts than any other 
exchange in the world. But 
observers say if It does not 
look alter its non-sterling prod- 
ucts, Liffe could see business 
drift away. “The DTB and 
Matif could really take Liffe on 
if they are clever about clear- 
ing,” says one banker. 

Antonia Sharpe 



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European Investment Bank 
NLG 500,000,000 

Floating Rate Bonds 1992 due May IS, 2002 

in acc o r dan ce with the Tcrmj and Conditions of the Bonds, 
•j notice is hereby given dot for the inbsrett Period from 
1994 to Auguot TS, 1994- the hibanat Rate hu been 
fixed at 4.52 per cent . . 

The- Interest Amounts, payable on August IS, 199+, will be: 

for the denomination. of NLG 10,000: NLG 114.26 
for the dmomirmdon of NLG 100,000: NLG 1,142.56 
for foe denomination of NLG 1.000,000: NLG 11,425.56 

* Rabobank Nederland 

• ; . . Utrecht, the Nethotbnda 

^ May 16, 1994 


NOTICE OF REDEMPTION 

ASTRA CAJPjSjV. 

* ■ 9.25% Fixed Rate Negotiable Obfigatioas Dub 1997 

Notice is baeby given that, p onuanr to die prowUens of ihe Fiscal Agency 
Agreement dated as of June 16, 1992 between ASTRA CAPJSA. (the 
•Ompaqr) and Qti h a n k. NA, as Fiscal Agent, ictanng to the Company's 
9.25% Fixed Rmc NcgotiaUo ObtigMkni Doc 199 } (ihc “NotcT) and Ibe tema 
of the Noses, Ihe Compmqr has dseted to exodse ha option a redeem ail the 
t wnmaling Nam an Jana. 16. 1994 (the Kodempckn Due") ma i Bdmgat on 
price of 98JMb of the prindpsi ■mmt thereof (the “Redemption Mce"). The 
KSto-wnad cwpoo doe and payable on lame V6, 1994 sboald be detached and 
pre sented in Ibe rami manner. 

Except In dm case of ihe Bearer Global Security, payment of die R e d em p ti on 
Price, which win amount u ihe a gyn gm a of US$4,900 for cadi USSSjOOO 
piadpal anmnt of .Notts, wffl he made on and alter the Redemption Dree 
UPON PRESENTATION AND SURRENDER of die Notts (together with SB 
sppt u t niau tconpont maturing mhanqnem to Jpac IS. 1994 in die caae of Bearer 
Notes) re an a p pro pria te office of one of foe paying agems Bread below. 

Chi and alter die Redamption. Dan, ihe Redemption Price win become doe and 
ptyablo apod each Naas and hittBESl Hkthm shall cease ID accmo, and Ihe sole 
right of eneh holder of Notes shall be to socchc dm Redemption Prion pbre 
Unsrest accrecd and nnpald on dm Notts to rim Redrenpiloa Dme. The Noms wfll 
wo kmurhanmsnsitRsgsftM tire Redemption Date, 
ff any Boater Note la nend a e d for re d em pt ion is not areo mpanied by all 
appo rtianm conpona maturin g December 16. 1994 and ra b a nm i c nt thereto, die 
amowt of any such ousting coupons win be deducted from the Redemption 
Price odmdic pnytUe. No mymeaii wtah respect to aqr Bearer Noio win be 
made at the ootpome butt office of die Fiscal Agent or toy otter paying agency 
ma iw a ttoed by the Company b dm United States or by check mailed to an 
■ddreaa in dm United Series or by uaatfer u as accona in lbs United Snacs. 
The. paying agents to wUch Beater Notts and Rewaured Nans thatid be 
■utnodored for redemprion are listed below. Any unmiora with respect to the 
p roced ure for redemption sboald be directed to in appropriate agent 
BEARER NOTES 

Citibank; NA Citibank (Lnxembomg) S_A_ Otfoank, HA, 

336 Stmnd 16, Aveme Marie-Th&hxe Bnonos Aina Blanch 

London WC2R1HB 1^2132 Useoibomz Bamdood Mtos 330 

1036 Bocao* Ahre 
Algeadna 

REdSTERKD NOTES (Oofy): 

Ckfoank, NA. 

120 Wall Street. L3A How 
New Yotfc, NY 10043 

Dared: May 16, 1994 ASTRA GaP&A. 

AS Or JANUARY L BU, WITBHOUHNG OT JI* 0TCB068 RKDSXSPTtOM 
ntoaecoO and o* ant omaacsr nwnr made within tbs umtsd 
8TATO MAY BBUQUBED ■? TBR 1NIERNAL RZVBMX OODB OP MR AS 
AMEMWD It THE MKV POLICY ACT OT 1992. UNLESS TBS PAVING 
ACBTT HAS TBR CORRBCT TAXPAYER DBHVICAimN MMB (SOOAX, 
ncaurr or noioni awrnncA-noN number) or beemption 
CSS mSlCATROriHEFAYEE. rLRASS rUBNWH A PHOKRLV COUTLETBO 
FORM W9 O* EXEWTfON CCRTVICATB OR BQUVALENT IT FEES8NTTNC 
RSXMSTEStED NOTES D< THE DWtBD STATES. 


ToSh*rtkoi 4 mof 

THE AETNA INTERNATIONAL UMBRELLA FUND 

SodiU d’hnxatiaaoHmt i VmrlabU 

47 , B&nUvard Royal 6-2449 Lweembomg 
R.CS. Ucamtbomr^No. B 77*71 
April 29 , 1994 

' NOTICE OF ANNUAL GENERAL MEETING 

Dear Shareholder, 

We have pleasure In inviting you to attend (he Annual General Meeting of 
shareholders, which will be held on Tuesday, May 24, 1994 at 11-00 am at 
ihe offices of State Street Bank Luxembourg SA« 47 Boulevard Royal, 
L-24# Lrixembowg, with Ac following agetRte: 

.. . Ataaim 

1. . To ap pp > W tmdtAnd Finandal Statenents of tire Company for the 

year ended December 31, 1993. 

2. To discharge the Directors and the Auditors with respect to the 

peribrmanee of their duties during foe year'ebded December 3L 1993. 

3. To r atify the appototment of new Directors and rea^nations of retiring 
di rectors and to re-elect the pramt Dlrectocs and Auditors for the 
ensuing year. 

4. . To ratify the dedaratiotv of Interinv Addenda in mped trf tndv da* of 

shares far each Fnnd. 

5. Any other bnafaewwWehnmy p iqpe i l y be bron^tt before the Meeting. 
Shareholdeta arc advised that to quorum ia req ui te d far the itenw on the 
agcndAi and that derisions will be taken by siuqde majority vote of Ihe shares 
present or represented at the Meeting. Each share is entitled to one vote. A 
s h a r eholder may act at any M e e ting by proxy. To be valid, pngriea must be 
avaBabl* at fee registered office by no tear (hubby 17,199* at SflO pen. 
Should yon be unable to attend ihia -Maeting, kindly sign, date and 
return Hie «cU«ed form of proxy by fox and by maD before May 17, 1994 
for the attention of Petra Rtea, State Street Bank, Luxembourg S-A-, 
fiw number +352-J70204. 

Yoma fahh/uDy, 

BymitriflhcBtmdqfDhulm 



— W 

finanqal times conferences 


North Sea Oil and Gas 


London, 13 & 14 June 1994 

The conference will review exploration and production in the main sectors of the North 
Sea and consider the impact of current oil prices on activity in the province. 
Competitiveness and ways of reducing costs, operator-contractor relationships and 
abandonment will also be discussed. 


Speakers taking part include:- 

Mr Heinz C Rothermund 

Shell UK Exploration and Production 

Mr R Jack Criswell 

Amoco (UK) Exploration Company 

Mr Kyrre Nese 

Statoil 

Mr Mike A Smith 

Scottish Power pic 

Mr Tim Eggar MP 

Minister for Energy 


Mr Johannes Maters 

European Commission 

Mr Norman Chambers 

Brown & Root Limited 

Dr Rex Gaisford 

Amerada Hess Limited 

Mr Peter D Gaffney 

Gaffney, Cline & Associates 

Dr Peter Scholten 

Ministry of Economic Affairs, The Netherlands 


A FINANCIAL TIMES CONFERENCE in association with FT NEWSLETTER, 
NORTH SEA LETTER and EUROPEAN OFFSHORE NEWS 


NORTH SEA OIL & GAS Financial Times Conference Organisation 

PO Box 3661, London SW12 8PH, 

Tel: 081-673 9000 Fax:081-6731336 

NartteMriMrs/Mfi/Other 

Position D ept 


CONFERENCE 


C! please send xoe conference detaflB 

□Please send roe details on marketing opportunities 

D Please send me details on the FT Newsletter 


Company/Organiration 


nr- 


FINANCIAL TIMES 
CONFERENCES 


Post Codq. 
Tal 


_City_ 


-The. 


.Country. 


Type of Business . 


J’ax. 


'HA 











24 


FINANCIAL TIMES MONDAY MAY 16 1994 


WORLD STOCK MARKETS 


»/- W unw w 


►/- 


► /- HUM HE 


+ /- w mm w 


+/- MU lam 


EUROPE 

AlsnM(May13/S<*) 


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Lagmd 



-1020001.750 20 
-.1270 BBS 02 
+6 834 638 1 0 
-104090 3000 _ 
+1 1.719 10M 12 
4-6 1,387 1.050 12 
+■3 1.071 BBS 15 
— 1,050 935 5.1 
-1 488 403 2.1 
+4 251 in 24 
+3 408 S2S 1.7 
*3 751 BBS 17 
-5 ©JO 467 1.7 
-10 4,340 3,620 12 


BBWMJUBBWRG (Hoy 11 / FrtU 


30 95 ; ™ ZM 

4200 3.705 15 

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4570 4.130 40 
19590 17.190 25 

3 SS 532 

2520 2200 X3 
6200 5510 M 
202 104 05 
B500 0,100 15 

SS^ 

HHS 




BIAFV a4T0 
BMC 3573 

GBL 4,400 


14720 

1266 

9580 

234 

606 

26340 

138 

1,110 

153 

237 

40140 

447 

173 

397 

094 

1JD05 

1563 

S44 

947 

19150 

638 

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1.710 

44&.40 


Seflmg 47550 
Srnco 558 
SWsR 2540 
Soctai 040 
SramA 2510 
SptaBl 420 
SusQ 33020 
T&Sin zm 
TnmCSF 175.00 
TOMB 350 
UW 166.70 
IRUg 440 
IMbal 467 
IMmn- 603 
Vatao 1240 
IMc 311 
WnraQ 283 


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pan 

PHtaR 

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profit 


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+2201877013550 - 
*26 1295 1,150 05 
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-150 29821050 
-0 024 345 25 
+2.10 274 207.10 05 
+250 157 HOBO 45 
+51248 1568 54 
-1 Ifflja 148 5.1 
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*350 525 366 45 
*2 535 421 52 
*2 234 154.10 32 
+8004*620 373 52 
-2 BH 753 1.7 
*141264 HI — 
*12 T.150 1500 17 
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-10 S45 821 82 
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•2 1780 1527 24 
+1&464&80 304 ... 
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*3 700 510 54 

-10 2470 1.978 _ 
_ 792 597 35 
-10 SM190 2400 14 

_ 529 412 

+440 37780250 3.7 

1120 2261 12 

+350 214 1M20 6.1 
_ 36453 03.10 IB 
-20 2344316180 25 
*6 494 430 34 
*7 B60 430 G.6 
800 600 55 
-35 1035 1.272 17 
-1 336 240 32 

—150 358 279 3.7 


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AEBQN 0720*6 
AMC 4740 
MQDK 215.10 
AmOpR 74.40 
BatSWa 4020 
BoatdM 42.70 
CSM 6030 



w&n 

-.10 53404820 _ 

+.1047^3850 
*1.10 7750 6450 — 

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+40 1(670 18170 15 
-00 29 1160 44 

-5070850 H 4.0 

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+1.?6 94.70 7400 oi 

9050 81 25 

+1.40 X 70 4050 15 

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+2S 18040 11500 04 
+3074700,160 04 
+65 2200 1500 22 
+3 1.058 776 14 
+2 237 1H 14 
+304440 3560 15 
+6S44B0 3599 15 
+6045605570 15 
+20 143O1560 22 
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*1250 288 180 — 
+18 BIS BIO — 
+3 770 598 — 
-2 606 73S — 
+2B 15031498 26 
+Z7 832 810 — 
+6615191530 — 


Know 922 
Kbriea 077 

KO«S 804 

Kuoata 678 
ttnGnnl 510 
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1250 


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1,610 _ 


SoeSflB 2575 
SOMOV 2565 
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*200 3000 17 

1 I J0M 1.402 62 
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(May13/Kfl 


Amp A 640 _ 730 S6S22 

Btatm 226 -2 281 21 S 2 4 

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man 97S +15 1.140 320 15 

DaoOlk 338 -1 427 320 16 

EMM 184 —30X28 163 45 

aSB 520 -4 615 387 22 

GWonJ 51 On +10 6*3 445 24 

tSSB 230 -0 270 224 _ 

JyrioeR 363 +3 4Z5 350 25 

LmnB 1,100 —15501.140 02 

MOWS 2S2 -17.15 388 262 4.0 

HvMtiB 040 -678181 996 06 

RarioB 563 -1920 737 653 05 

SoshoA 904 +18 6IS 590 05 

Sophtf 564 +0 075 473 05 

Snorts 600 -450 585 386 2-0 

Tdoen 334 +11 33040 SOD — 

Tupoan B3850 +850 1.372BSL3: 1.1 
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EnaaR 3950» 


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222 

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230 

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9220 

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05.70 

210 

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+1 164 10880 14 

-1 178 130 10 
+5 105 00 - 

+50 4650 3850 15 
+3 228 161 14 
+.1017.401030 — 
+50 86 4(81 

*20 70S 581 15 
+0 132 130 _ 

247 100 15 
250 172 15 
258 200 — 
200 190 05 
+2 466 2B7 00 
+409250 BO — 
-13 104 00 15 

+150 102 71 15 

+50 120 88.10 0,7 
+5 21B ISO 25 
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-.10 2050 14 — 


+ 5 s 


rows pay 13 / Fra.) 


au 9 


538 

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COP 1,245 


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CCF 240.40 
CrfonF 1.1S5 


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ratal 42850 
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1200 

460 

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452 

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81 

505 

700 

903 

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-2 07H 482 — 
+19 786 509 02 
+15 8M 778 25 
+1 913 655 25 
-3 1548 1260 25 
+81 1435 1.284 1.1 
-1 1502 830 25 
+4O28UG0 240 .. 

+3 683 337 25 
+166 1750 1045 18 
-4 767 682 14 
-214801.111 35 

— 1.198 939 35 

+2B022UB1S68D 35 

— 21320 166.10 — 
+6 21051513 35 
+2 203 161 44 

+22 1570 1521 25 
+3 499 348 25 
—30 300 Ml 89.10 \J 
+15 I486 1,064 45 
+7 886 500 25 
+750 498 m — 
+B 737 640104 
-20 8,100 1220 0.7 
+6 830 090 — 

— 438 381 15 
_ 060 70S 10 
-2 1994 1830 24 
+4 780 638 20 

-40 43538190 45 
+6 382 328 — 
+34 1.127 B29 18 
+61588 630 — 
— BSS 740 ... 
+2 030 606 1.7 
♦110 3,450 2750 28 
+52 25691.970 35 
-3 607 884 24 
-J9 39.79 28.20 13 
+150 1B2 135 82 

+3 839 SfiO 15 
+10 1020 *500 05 
+1 878 4*2 13 

— 2754 2.838 05 
+51420 703 1 5 
+8 045 560 15 

+5048350 420 2.7 
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-1 718 3S0 ... 
+91478 831 74 
+0 110 0050 34 
-1 370 300 04 

-2 703 600 34 
+8 964 727 18 
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~ ^tilAKY^ay 13/Dm.) 


1X20 —50 10670 193 05 

000 +11 612 544 14 

1. 150 —10 1.440 1.120 15 

1697 +52 1B13 1370 0-3 

B52 +2 670 573 15 

930*- +61,191 887 — 

earn- +« 1,02s jw 04 

BASF 326.30*1 +640M50 276 24 

Bdrmrk 4D8 — 310 439 1.6 

Bnl iB BO 37150-1150 4H 37150 14 

Bonr HP ^6040450 330 10 

BrnrurH 49 1-30*1 -190 531 50 432 12 

MW 030 +3 MO 602 15 

BayarV 400*1 -6 573 463 17 

ETador 050 -30 890 SI 5 1.! 

BWKr 2H1 -2JM34160 230 1.7 

QHFBk 430 ~2 628 420 35 

BUBO 009 -2 1409 826 1.4 

COWS 1500 +13 1530 1,140 0.7 

CaKnP 050 +301430 640 1.1 

cmmzt* 304-50 +150 390 33450 13 

Com 20050 +750 28® 239 1 4 

DOW 670 BOO 40850 14 

DOfflfr 893 +6 914 77150 04 

Dauan 04050 +taa> 066 443 14 

DtBsb 27040 +16023660 239 — 

mam 79i5a _ 8S750 747 n 

□UVU 18100 +250 188 132 12 

OoutfS 582 -8 607 531 14 

DnpNk 296 -4 310 260 1.7 

DnOBK 40540 +1504804038140 34 
BIEHE 690 -8 BIB 406 11 

Bnrfm 260 _ 307 273 14 

Odffiti 006 -1 009 590 It 

HaoAB 229 -350 246 190 25 

HeUZai 1565 +13 1500 1,180 09 

HntoP 03040 —6-70 681 602 14 

HlftZ 411 W +4 440 360 14 

HOCW1 1.135 -6 11821440 11 

ircmc 35160 +_2B swm 3 R 30 10 

Kanm BBS +11 1499 830 M 

Horten 245 — 283 222 14 

KB 303 -2 324 206 34 

MHk 41440 +6L50 433 3H 1.B 

KM&S 10)40 +150 16914149 — 

Kraiffl 627 -3 640 516 14 

KCS-srf 620 -9 558 431 16 

KHO 15160 +4016140116.10 — 

ModlW 173 +3-50 179 10270 10 

LUnyr 710 +10 000 073 14 

1408 770 -6 030 BBS 14 

Linda 928 -4 900 830 1-3 

Lffloti 301 -350 410 358 11 

liOn sm +1 220-80 165 _ 

100 +110 H6 160 14 

40650 +4,90 470 378 1.B 

— MAN Pf 360 +40 367 302 14 

— Unwn 405 +34048058 387 1.1 

— MmllV BOS _ B22 755 

— MHB0 285 +42 286 17680 18 

— MuMHo 3222 +22 3417 1040 04 

— PWA 24060 -7 257 210 _ 

— PhKoam SIB +1 53050440 3-8 

— Ptndl 86S -8 888 090 04 

— mean 482 -140 486 427 11 

■- HHE 47340 +4052060 420 24 

— IWIEPT 373 _ 424 335 

— B«*£ 1,460 +81JS201440 04 

~ Rnmnffl 380 -4 372 313 14 

BmmPI 260 _ 267 

RaoM 305 +340 313 

1400al +8 1.1KS0 

416 -2 438 ... 

731.00 -.707808088140 14 
629 -0 BBS 610 14 

520 _ 530 400 14 

30840 +44030070 23640 24 
351 -2 BH 307 24 

643.60 +4J0 549 

3B5 +1 387 

384 mm 416 

444-50 -SJK) 51140 

— VVr 62840 *740 664 

— VWPf 41040 +640 445 

= SS£ S 3 S 8 


NORWAY (Uay 13/ Krorm) 



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4,100 

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1370 

1450 

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10,750 

4430 

220 

642 

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+10 04 H 5400 10 
+30 6.700 MOO _ 
+10 3435 2490 6-2 
+75 1400 1050 74 
„ 4306 3476 42 
+100 1 WOO M.itB 2.5 
-120 7460 S4B0 44 
_ 1.435 700174 
+Z01Z7Q1410 13 
+2D 4470 3.400 19 
+280 11490 9420 14 
+20 1715 1000 34 
-0 1.773 1.380 14 
♦30 3260 2^455 24 
_ 8,100 6.140 12 
— 1.100 8SS — 
+2 718 418145 
+33 5.1-10 3400 12 
+121410 921 — 
+10 5400 4j0OO 12 
+20 7.030 6400 18 
—ID 6490 4,510 1 4 
+250 117508.no 1.7 
+60 4400 3460 24 
-10 240 102 _ 
-£ 655 351 74 
-8 816 BIO BA 
+70 4,460 3400 64 
+10 1105 I486 34 
+25 1,415 930 14 
+« 738 576 5.7 
— 1400 MIG 04 
-30 1 450 1,150 64 
+130 3.1201316 14 
+49 3,1601250 14 


AMM mo 
BlquHl 320 
BnSI 1420 
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CfflC 3490 
Cafolt 1.170 
Cm 020 
Omni 1490 
Cant 3.130 


CtariuE 1730 
Qtflnn 1400 
(Ml 1620 
Quofe 1.480 


DM 1.780 
Dam* 1420 
DMKB 1480 
D-C«P 1450 
DaMi 845 
DMqo 1,100 
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+3 470 318 ,-m 

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man 6430 +10Q 74X0 5400 _ 


+5 401 


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_ieooiK!o _ 

-3 702 038 

-20 1.120 788 — 
_ 14*9 ms 0.8 
+6 758 512 — 
__ 2lG0 1480 _ 
+1 6*6 *28 _ 
-4 070 760 14 
-4 408 321 _ 
_14H 1.420 14 
-3014201.700 _ 
_ 14® 1400 ^ 
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+12 BM 387 _ 
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+5 533 388 - 

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MOCOP 1400 — 14101420 


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-85 8^06 4.410 34 
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-HO 20450 25400 14 
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-70 248514® ._ 

+101450 1 
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— isoisfsaiL 

-73 1630 1,5)0 _ 

♦SO 7430 4,071 1.4 
AO 4420 1119 2L2 
-100 7450 3470 34 
-470 IrMO 11200 34 
-24 1486 1430 34 
-66041200 J7OT — 

-00 4486 1876 _ 

+48029.100 16400 14 
_ 14410 13J0Q _ 

+280 12.100 1300 — 

HB0 17400 liEra 14 

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nano 

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KtSfl* 


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-30 1489 1,720 _m 
+2Q1.1B0 903 — 
-80 4440 340O _ 
_ 698 621 04 
-30 24001430 — 
+4 628 4*6 _ 
-Z0 2460 1000 _ 
-a 709 505 14 
-1 42S Z75 _ 

_ 96* 300 _ 
-91440 710 _ 
-101470 090 _ 
„ 1600 1.090 _ 
+201,110 841 — 
-7 740 514 __ 
+1 033 757 _ 

+10 1490 1,150 _ 
-4 60S 426 04 
+101,290 93a _ 
S 630 440 — 
-12 728 002 1.1 
_ 640 585 — 
-1 525 438 _ 

+0 780 060 _ 
+101,120 796 — 
+3 560 387 14 
_ 919 879 _ 
+-48 040 628 — 
♦608450 6.700 — 

_ i®0 608 

+131.000 812 — 
-2 869 712 — 
+30 1020 1490 __ 
—12 BBO 820 — 
-GO 1280 1410 _ 
+101.150 830 _ 

a ss 

+0 790 081 _ 

-4850509— 
-1013401110 04 
+H 1470 1430 - 


+2 73 

+319650 
♦fl 233 
+7 476 
+3 480 
+3 144 
+1 .110 
+150 122 
+5 120 
+18 732 
+16 755 


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124 19 
in 1.7 
354 1 A 
350 M 
9740 44 
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530 14 
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+10 086 «B7 m_ 
-10 733 seo „ 
-18 577 W „ 
♦3 *10 310 _ 
-1* 840 385 _ 

-SO 1430 1.140 „ 

H0MMA 147® +201410 1^50 „ 

UDBaR 071 +5 5*9 «55 

+2 80S 672 „ 
-2 300 Ml _ 
_ 1.420 1.1DQ 07 
-4 880 755 04 
+5 4SB 378 — m 
-1 401 337 _ 

-fl 889 STB _ 
+5 C CS 770 07 
_ 415 310 m_; 

-iiiSS $£ = 

-2012301400 O 
+26 782 BID — 

+45 1450 SSB mm 

-3013401483 0.4 

UraagM 563 -1 624 4S6 04 

IUd3 1330 «n 1+50 1000 „ 
MuMao 4470 -20 44401020 __ 

1,180 +101.190 850 _ 

1,100 +101.170 005 _ 

_ 14701420 _ 
-8 G66 385 _ 
+2 274 ?3i „ 

+6 709 563 _ 
-5 754 528 11 
+7 705 483 _ 
+4J 474 315 _ 
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+3 S8B 600 

-10 2400 1460 _ 
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+0 015 000 „ 
736 +15 780 028 _> 

474 +7 507 400 04 

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Hat 464 +6 485 412 _ 

mSt \gm +ia 1.420 urn 0.7 

1420 +et 1,100 QGS — 
-70 7JSOO 8.160 _ 
+4054804480 — 
-3 462 318 — 
-101000 1410 _ 
-1014401.230 _M 

—1.110 937 — 

NpFfe* 795 +6 799 702 04 

HpFkXI 668 +3 620 450 — 

-401168 1450 04 

+23 860 S2S — 
+15 700 478 — 
-80 1400 1,480 04 
+1 700 6S3 __ 
_ 703 506 _ 
+0 088 48* — 
— 14901, MO 14 
+4 817 460 — 
+10 1400 1470 0.7 
+5 515 441 — 
-11 1,110 908 _ 

+301420 1420 — 
-3014101400 — 
+3 447 386 — 
-5 387 302 m. 

»*« 


+5 637 
+4 606 
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+13 663 

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-3 451 

+50 1.140 

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MW 925 
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Trio 20.700 
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mB4 1450 
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TMJnnui 1490 
TUBS’** 3440 
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548 
601 
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TtaOp 787 
ThuLnd 677 
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791 

1,120 

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NpUMt 
Moffsat 1400 
lOU 751 

■ Pnt 625 




+11440 8*0 — — 
-10 1490 1.1« — — 
-10 1J60 1.U0 _ - 
._ 638 505 04 — 
-10 648 411 _ — 
-3 372 SB — — 
+1 700 500 — m 

623 481 _ — 
+ 1014H1.110 MM — 
+29 2420 1240 — ._ 
" 780 700 04 _ 

' +40 6.4H 5,400 _ mm 

.17 797 01 8 — — — 

_ 673 *28 m, — 

+1012W14W 

*7 573 <32 — — 
-2 310 404 mm mm 
*11470 M7 __ _ 

+30 1480 1180 m. — 
+3 «S 360 _ M- 
+1 412 2B8 _ _ 

_ 1410 86T 0J -M 

♦1 309 252 », - 

_ ®3 0H 

-1 730 811 14 _ 

+40 1400 815 _ _ 
-20 1400 1400 _ _ 
+20 81* 674 M- _ 
_ 1X01450 _ _ 
+100 4.790 3,780 — _ 

+8 748 810 _ _ 

-2012101470 14 - 
+15 722 670 M_ m_ 
„ 8®2 OT9 0J _ 
+10 1,480 1470 - _ 
+30 14«0 1490 _ _ 

-1814*0 887 mm — 

-2 558 4M — mm 

788 818 O S „ 
+fl 1.100 705 OH _ 
+15 790 506 0.7 _ 
-1 655 387 14 — 
+fl 720 HQ _m — 
+11 83i sm _ 

+1 007 038 _ __ 

+0rozuaai74oa — „ 
—40 3430 2400 _ mm 

1,320 1,110 _m MM 

+5 504 328 — m_ 

-14 912 419 — __ 

+20 1480 1.1BO 04 — 
—IT 602 421 _ _m 
-10 1.720 1.450 _ _ 
+40 34201410 _ — 

-10 24001470 _ _m 
-30 3440 3.050 __ _ 
-30 3.400 2.7*0 _ _ 
-7 570 491 „ — 
+1 7UO 820 _ _ 

+101720 2400 _ _ 

.-14501420 0l7 _ 
+23 67* 400 — — 
-22 029 097 -m — 
-6 730 586 — — 

-1014001400 — — 
-40 1,4(H 1,190 — — 

4 7H I7E 

+11 811 070 — — 

-M 1400 1450 — — 
+14 688 433 — — 
*6 874 800 mm — 
-1 400 286 — — 
-10 2400 1,770 — — 
+3 670 421 14 — 
-1014201430 — 524 
-0 672 516 _ _ 
■+2 733 S24 — — 

-30 2L300 2,880 — 

-20 2.120 T.7BO _ M- 
+8 *48 330 — — 
-201400 963 — — 
+4 505 330 — — 
-9 564 432 — _ 
+0 510 348 — — 


WMofl 7 JO +.14 840 136 14 — 

«MM 7JD — 031 7.40 14 - 

mm 148 +43 249 131 34 — 

WrtriC 446 +45 645 *38 24 — 

WNff 4-78 +49 4.75 170 1 J — 

WlHfi 114 +44 342 244 14 ™ 


HW6K0NQ pay 13/HJC9 


4000 

m 

7300 


AmojPr 11 
BEAafet 3US 
QttnP 1T4U 
□stag 37 .76 
oBga ei3S!& 
OMotr 7340 
ChnBR B.10 
QOCP 21.70 
Crttat) 1640 
OFarni 1140 
QEagM 5.10 
mxa 3540 
HSK 6940 
HLunsO 1140 
HSenaB SIX 
Hh9Qi 1140 
Hairitv 570*1 
HanLM 4050*1 
neon 1670 

manm a zm 
HKNr 43 
MCSa 2340 
HXLmd 2130 
mm 2170 
HCTU 19 
riaum 645 
HnUM 30.70*1 
Hynn 24 
JSrtrfW 8.40 
JMan 57 
JSM 2040 
KM Bus lOll 
KandOr 1140 
NaaWM 2340 
FBDvA 30 
MCI* 49 
ttUI r 11.70 

3nnD 1290 
SQlMP 4£S 
SMKCa 4.17 
SUM SBM 
srnraB 9.1 tel 
TMafir 2940 
mart 29.70 
WMBcfc 1870 
WhaOa 1170 
11X 


+401540 138 34 JM 
+40 SO 2840 12224 
+X 1170 10*0 34 — 
+145 5233X10 - 

+.75 57 37 24 334 

+3 01 X 24 707 

+X 14 11B ._ — 
+X 2770 18X 14 ... 

— 19.10 16X 34 154 
+X 16X10X04 - 
+.28 549 *17 24 - 
-X 452130 14 - 
+1X 131 80 24 — 

+X 21401140 *4311 
+1 SOX <7.78 37 154 
+X 13X 10.40 04 19 
+40 9X 643 4,4 - 
+3 BOX 3323 12 - 
+40 2*45 MX £2 234 
+X IMS 10X 14 94 
-4S 54 3779 24 235 

+ so M ui mm 30 __ 

+X 3173 1110 04 — 
+70 3015 1840 « 24.1 
+.40 1770 12 3.1 — 

♦70 1080 803 5.1 „ 

+7542X27X12 - 
+170 3370 1940 34 — 
+40 13. ID 740 07 — 

— 84404073 04 — 

+40 38X2440 04 .. 
+70 25 116022.1 234 

+40 1240 070 04 — 
+.00 4240 21.10 34 — 

+173 30 30 —68.7 

+2 77 42 34584 

— 16X II 15 414 
-42 0.16 S.73 37 147 
+.40 1540 948 11 J 39.1 
+.10 345 370 64 — 
+70 740 373 74 — 

+1X n 00 24 204 
+70 11-30 0 24 184 

-JO 3875 23 24 — 

+1 41 2(UI0 12 — 

+40 2340 1440 — — 

+4016*0 11X24 — 
+40 1740 1070 74 — 


4450 
3521 55 
673X 
356757 
100 
34680 

8876 


anew* 

Canon 

0*3. 

3 SS 

CaoffiSn 

cameo 

canOce 


+3 70 70 
439 429 *19 

7C 171. 74, 
240 +\ 240 2*0 
17H 17 

15 i« -JtSISS^. 


Cmn’ 

CHlTTA 

CanUlA 



13300 cantor 

BOO CarilHB 


1 DH 

125875 

78506 

114050 

21000 

58*15 

22900 

6200 

151630 

104305 

471800 

34068 

17370 


MCap 

(MM 

cenS 

Coacan 

CM 

CrmmX 


... . *21 201 
IS K1B 1 

12J» +1tS8> 12 

»^* liSitiewu 

22 S2Z 22 

in -3 in in 

31 -ItBllt d31 

“ft ‘"ft £ 

29 £B SO 

480 489 490 

nh +7.KTIHMV, 

ve ** i 3 1 . 


tWnuT 


■ 200 

taiuy i 

2B0GQ 


DiAM 

DdAOBA 



Echo B 
Ejtko 


ioa» hi 
1000 PKrin 
3980 FaXA 
223 Fort* 
2*962 Hr Mm 
1000 FdU 
63700 MnA 

7400 
16000 


7V +■• S7tt d7 
64 +1 SS4 S3 
10<9 tWl 10 % 
16J* 8A 18*j 
1*5 -*• 141* 

sio sj 

+5 S37 3M 


8100 emgw 
800 

20000 Erase C 
Z43Z CndOA 




. *» 


MONTREAL <Mqy 13/ Can Q 
4pnido» 


44374 BnBMBx 
2BD0 BbChP 
24600 Camilla 
12200 caow 


16700 OUST 

22260 Gtiic 

1300 JteSM 
15JED HaUSd 
88780 Haaala 
10784 HamM 
174600 H*nor 
310854 Hm 01 
1019 Ho. ri m 
284700 HUM® 
44428 a 





300 QTCB 
15688 JOoMix 
1900 anmch 
08033 MfflkC 
1400 QflcolU 

lossn Data 
9008 VMHn 



AFRICA 

ssumAFaicii(Mni3/R8nc| 


KAiAYSIA (May 1 3 / MYR) 


110001 


*12 
Ganna six 
tCCrad 10.10 
MdBr* iuo 
MdUki 374 
MuPiap *1* 
P88 4412 

Sknd) 175 


+4)2 *00 3X 11 
+X38X 29 OB 

-.1017X13-40 tLB 
— 19X 13X 04) 
_ 6X 3.40 1J9 
+4)4 070 3J58 OA 
+4B 64S 392 2LD 
+70 8.40 BX 34) 



(May 1S/SS) 

+.10 1170 
+401940 
-JM 3.40 

— 346 
-.in am 
+.20 1ZX 
+X It TO 
+.06 BJK 
+.10 1*10 

— 1SX 
+.02 3JK 
-X *26 

_ U0 

+.101110 


43 MMtf 
500 fedora 
188S8O0 liana 

31 EC Mta> 
15140 fenMB 

san tacoA 
000 Jnnocfc 

310 KamU 
63 UBip 
1600 larik 
718 8 U9M 
272200 (jocMfelX 
6156* f 


305 +5 


10X 141 
16 0.7 
K8 31 
196 13 
4 XL 63 
9 13 
11 13 
ex 03 
ia*o 13 

1110 24) 
114 — 
116 16 
166 13 
t 18 


33450 Lotdnr 
23880 MKfcnz 
22S00 itaWa 
38800 mS B 
470000 Mrinoh 


"-“SBf 


0200 


3817 Mural 
65311 MaM 
38178 UUHW 
003109 MM 
7030 HMmA 
20697 Doom 

514 KX 


mo __ 
1010 o.e 

1.190 - 
390 11 — 
727 04)514 
73* — — 
7 B 0 — — 
860 — — 


= NORTH AMERICA 



TORONTO (Hay 13 /Can 5) 
4pm don 


- AUSTRALIA (May 13/ Au3® 




540 


800 




smrzrajWD (May 13 / Ri) 


AOMBr 
MuLBr I 
AtaLRB 
SartfT— | 


— BdRa 


Solpmn 4.230 
SPUD 11,340 
an 13,700 
SmaHP 2.880 
TdCdAl 33.400 
Tod Ft 24.030 
Unfeam iliOO 


-3201870013*19 1.1 
-32 1.948 870 — 
- 15 11*0 ISIS — 
-60 6.100 3^10 — 
-60 3J86 1J70 — 
-450 3MBQ 21*0 OJ 
-8912160 1288 — 
+*0 10X0 7X0 2.1 
+80 6,196 3X3 U 
+18 1,085 490 — 


-8)11.70010000 12 
+170 11000 0701 341 
+402730 1J382 — 
-ixoxjoo^ra _ 

.26X0 20L^S 

.... nuBo 1O3B0 — 


251 
681 
672 
1650 
1178 
243 
603 
010 
872 
366 

1,700 

RactiB 1X5 
MeBr 17HM 
HttKB 938 
MiUta 390 
82013 
15Zn 
016 

. . 1,660 
mwo i.iis 
OdfiAo 153 
Paa&r 1X0 
PffiSflr *B4S 
PriU 219 
RkABr 1X0 


-1 282 181 — 
+10 860 688 141 
+6 898 667 U) 
+30 34)96 2.440 1 J 
+4 1X8 1.016 14 

— 260 190 1.6 
+18 769 538 34) 
+15 97D 810 1.8 
+13 B42 773 1.7 

+2 *22 3S3 — 
+20 2000 1X6 — 
+691X01X0 ZB 
-101932 1636 24) 
+34 1X0 876 14) 

450 380 £8 

•10 971 782 1.7 

— 17214330 13 
+0 Ml 876 11 

+10 1X01X0 2 A 
+131437 1X5 Z3 
+3 176 1SQJ0 — 
+10 1,720 1.430 *1 
+65 5X0*470 — 

— 283 206 50 
-II 10401.170 — 



ar 

gs 

KMSO 


+2201150 
-6 741 

— 1X01,7 

+6 780 828 — 

+201,7271018 041 
-2 418 284 _ 
+9 733 605 OJ 
+2 *04 300 — 
+8 980 478 _ 
-BOllig’XO _ 
+6 372 288 — 
+8 M?t 5S8 — 
+8 028 431 ._ 
-40 1H0 B22 04J 

jm 

-21X0 826 — 

— 1X0 1X0 — 
+10 1482 1018 — 

407 340 

+A 700 918 141 

— 817 430 _ 

-60 1070 2.S -H _ 
-8 919 429 — 

1010 1,130 — 

-1 442 338 — 

+11 MO 271 _ 
-3 388 303 — 
-1 720 001 — 

+5 815 615 — 
+10 970 828 041 
-20 1038 1X3 00 
-2 B77 804 — 

— 1X01,130 — 

— 2E3 230 _ 

030 740 m_ 

+20 USD 1X0 — 
-30 14801130 


615 

804 



_ DomMaO 


483 

863 




-1 1J 
+0 

+5 

♦11 1,110 

+20 1.140 

1,710 -10 10201/ 

585 *13 620 < _ 

9X0 -90 50104070 00 
10*0 —10 1060 14)30 1.4 — 

083 -8 740 660 — — 

*040 +40*040 2000 00 638 
486 -13 330 466 _ — 

MS +7 77B 004 1.1 _ 

1730 +X 30402010 — — 
844 +1 948 380 00 — 

-6 3SB 440 10 
-1 B9B 

...„ — 4X0 _ 

1020 +20 10201 
6M +1 629 

1030 +10 1040 1 

630 +18 888 SIB — 
1380 —20002010 04 

1.98® -10401010 _ 

2X0 —20801010 — 

926 +14 100 0 

513 -1 1228 415 — 

BIB -6 901 078 — 

6070 -10 7X0 0030 00 

7070 +00 8040 7010 — 

4070 —30 4030 3070 _ 

1000 +2010401 

1X0 -ID 104O1UWJ — 
1020 +1D101O10EJ — 

1070 -101.130 aso — 

1X0 +10 1.40Q 1X0 1.4 

464 -9 <83 361 1.1 

7070 +80 8050 7X0 — 

1X0 —1X01020 — 

2020 — 2000 2000 

968 +2 971 773 — 

1090 -10 20101X0 — 


2X»1 

m 


Bp 

9NM 

NmHU 

JS’S** 1 

PadJui 


— — Panned 


00 — 


QBE la 
QCTR* 
BnanHd 


ftiMfn 

ScnGwa 


+x sx 3X a? — 
+X 11.12 B.1B 30 340 
+.00 6.10 3X 1.1 — 
-081100 9.10 12 560 
-X 133 200 20 — 
+.17 SJ2 *40 *0 — 
+.10 *B1 *11 £7 — 

+ 158 IX *3 6.7 
+04 19.30 16 19 270 

+4H 305 182 3J 70 

— *62 301 8.1 — 
+.10 IX ox — — 
+.10 15X 12X *3 340 
-01 074 0*7 20 — 
-02 1.10 004 OJ — 

- 54)3 309 *3 189 
+.10 &4B *40 40 200 
+00103218X39 — 
-04 130 205 — — 

— 31 5 200 17 

+.14 1200 890 11 — 

- 6.70 *23 40 — 

+X 6X *20 1.1 — 

+JQ 900 OX 30 — 
-x ix ax 30 — 
—02 008 093 39 — 
+.13 602 *32 *1 237 
+04 102 IX — — 
+.03 IX 004 — 1.1 
+02 3.45 132 17 — 
+.10 112 130 — 

+48 1.47 1.14 90 — 

— 2X 293 89 120 

- 3X 2X 59 — 
+01 IX 1.12 20 19 
+04 IX IX 70 — 

— 205 200 *0 80 
+04 102 1.12 30 — 
-ttl 202 IX — 

._ 11X 9X 18 35(9 
+.11 193 163 67 — 
+20 1804 184U *9 310 

— 140 208 40 
+X 327 205 10 — 
-X 1004 7X 30 2*3 
+.11 *21 170 34 — 
+041308 11.12 *3 118 
+.46 70S 676 20 — 
+.13 10X 174 09 89 

— SX *71 20 
—04 179 IX 30 — 
-01 *15 103 17 230 
+03 602 409 40 
+X 115 IX — 

^11 148 1.82 — 

+03 8.42 200 60 i 
+02 190 149 10 
+.06 SUE 6X0 _ 

+02 *X 205 14 — 

— sum 5.0* 49 

— 1.74 1.15 70 

+ M »2S 4.W ns 

+X 7.13 6-90 00 77 
+.15 *62 IX 89 100 

— 7.10 606 40 — 

+.15 9X 8.10 50 — 
+04 190 190 _ — 
+4)5 170 3 70 210 

+03 132 101 — _ 

— *80 142 *0 — 

-X BX 110 11 — 


1 28186 

493/6 

35000 

135773 

3400 

410500 

346380 

SIX 

231900 

B4460 

1787 2 

477851 

12600 

7706 

9034 

163 823 

38848 

102900 

17824 

076557 

1470 

5941 

13117 


&& 

MbtaE 

MOMS 

AfcnM 

AinOair 

Amo 

Manor 


BC1_ 
BCE 

acEn 

BGRA 



147302 H w ridn 
SSX NonriA 
11819 MlUF 
201071 MmdM 
10390 NmnEx 
88330 NBlTW 
1368110 NOUB 
OX Named 
60200 llumacE 
1604 Oonc 
137030 OtfWrtX 
10X0 HnOlft 
897400 PocoP 
278*460 PWA 
104X PUnA 
1420 PnQF 



,a 


BhHmlx 

BMtoS 

BiwFi 

BUMhBx 

BOWIM 


BnenA 

Bmcor 

CAE 


isf -4«nip«di9i. 

VU +JaSBl| 9 

ft wpt B»i 
osu +wmit j** 
a 1 * +scn 

230 +2 232 

13»i 
30 a^i Wi 
171* +te *17* 17% 
2Ht +1.BH.29 *b 

7% +ta*7% 7W 


14% *1 

as +v*» . 

43 +1 43 42 
340 340 330 

s 

is +%rati2% 


+1- HU Ini YU 

+4)5 B BX 00 

— 20 17X 12 

— 110 88X 29 
— IBS 116 11 

+690 245 15240 1J 

+4 423 344 14 

— 127 102 18 

— 57 2050 _ 

+00 31 20.73 16 

— SB 42 90 

— 400 133 — 
+126 ne 9700 00 

+10 1026 000 10 
+23 62 X 17 

+25 11X 706 U 
-1 SI 2200 +3 
+254028 N 30 
-1 115 84X 00 

+150 X 63X 17 
+00 1025 704 40 
+3 116 87X 10 
+1 .73 27 X TUB — 
+03 X 1073 *0 

— 29 II 10 

+02 IX 120 1.7 

+1X 72 65 11 

+6 95 JB 10 

+4X 81 0190 3.1 

+.23 SSX 41 20 
*1 96 78 10 

— 22 HL30 — 

+X 3*50 28 1J 

+8 80BBX 80 
.' B 7.75 600 — 
+X53X37X 13 

— 3075 2*25 1.1 
-X 2080 HOD 1.1 

— 90X 72 33 

+0 IS® 87 10 
_ 19.25 16X 70 

+2X10*50 79 10 

— 40 XX 10 

+2 184 IX 2.1 

— 36 4158 10 

+X 46 28.50 10 

+2 490 364 30 

— 4200 33 _ 

— 218 166 14 
-1 X 46 *4 


_ . «aa 
rigML a BedL 



FT PRS ANNUAL RtfORTB SBWRE 
meiaiaBiiiMiaaaaUwMiadawarii 
MMOUda 4 . Bha Oil 778 07)0 or M OB 770 
«2£ <nri« FT Jam NcdMi Bm aXH K M 

+44 n 771 0770 arid +44 H 170 3822, mB® FT 

Ap 4, Da Haaia «a bi w* ri bi dm «aUa d® 

UriMHNm iwdlrariiiir dpUripi 

rid MB* 


■ TOKYO- HOST ACTM STDCKSi Friday, May 13, 1984 


Hitachi . 
NEC, 


Sanyo Bac . 


Mazda Motor 
fi#tou 


Stocks 

Gloaing 

Ctumga 


Stocks 

Ctoobig 

Cbange - 

Traded 

Prion 

on day 


Traded 

Prices 

on day 

11 An 

995 

+13 

BrottMr tnds 

— 5^4m 

694 

+4 - 

9.1m 

1180 

♦10 

NKK Corp 

5.0m 

288 

+a 

&3m 

513 

-1 

Toshiba — 

— 5An 

791 

+ii — 

8.0m 

586 

+12 

Marubeni — — — 

__ 4.7m 

540 

+2 

5.9m 

1060 

+20 

Mfotoil Boo _ 

4.7m 

' 633 

+2 


INDICES 


US INDICES 


My liy Uq 
13 12 11 


H* 


-1504 


Lar 




11 HU 


-1894 


UM 


I £ 912 / 77 ) 

la 

M (kdrarietfl/t/Sa 
Al Mahgivi/8a 


19575.1 1923702 1 BBSS. 78 2547040 18Q 1775090 SOM 


20709 20410 20340 234 BX 3 C 
10060 9 B *5 56*1 113110 312 


CM* AManponroq 
Traded Ma(V1/91| 


41188 

1067.63 


0020(1/1/91) 


H 41008 48008 2/2 
ft) 1065.77 122229 1/2 

H 1533.45 154205 92 


Bowapa G 9 / 1 Z/ 8 # 

1589 X 0 

163730 

15461 J) 172 S 7 JN VS 

CwB 

Matra MH»f{ 197 S 

3 S 2&.10 

3457.06 

345 X 34 

387 SX 18 Q 

CWW«to+( 1975 ) 

4175.40 

410 ZX 

416320 

<B 0 BX 23/3 

POlMkl% ( 4 H/B 3 ) 

193395 

192200 

192327 

218298 112 

cue 

PGA Gao ( 31/12801 

4161.0 

41420 

411*7 

mB£o tn 

Daanadt 

Craartaon 5 E( 3 / 1 /B 3 ) 

37109 

« 

37404 

4 tSu 7 B 7/2 

mm 

WX Generacwiagn 

100 X 8 

W 

183 X 6 

197200 4/2 

tori 

S 8 F 250 pviasoi 

144704 

M 

144092 

tsasaa a? 

CAC 40 plfl 2 /B 7 ] 

2187.00 

W 

217374 

236*33 2/2 

Griinany 

FAZAMtoiGI/ 12 /SN 

85151 

W 

84370 

85372 2/S 

ComnwRUnKi n 35 ® 

244*9 

« 

24330 

2486 X as 

MXpV 12 ' 87 )t 

225375 

H 

224183 

228388 2/5 

Gnra 

Nhens SB 31 / 12 / 80 I 

934.19 

& 

95077 

110*58 18/1 

Hang Nq 





Kang SenoOI/TM 

913*72 

687688 

8306.16 12201 JB 40 


108110 5/5 
004X 5/5 


<t34K 96 
100X86 95 


145228 3W 
380090 3 ft 


PCfftai 1WN 


CBS TBRBiGanEnd 8a 
CSS Al Shr (Sid 83) 


(4 223520 217157 2B8L17 W2 


4370 

2804 


Cap. 40 (U7m 

Nonray 

ax SBMicrusa 
pirns 

i Camp (3/1/85) 

m 

BTA (1977) 


20M 
4W8X 20/4 
191307 ISM 

390100 4'4 

37074 3/1 

HOLD 3/1 


SESAI-STmCM^g 
Saufli AMca 
JSE Gdd 08/9/781 
JEE M. (28/9/78) 



4370 <3*90 31/1 

2503 29180 31/1 
206304 243864 3/2 

max 1211.10 28/2 

295127 230037 4/1 
29113 322SX 15/2 
568.15 64101 4/1 


196703 20/4 


41 7.40 5/4 
31/3 


2D1202 95 
107207 3/1 
250703 03 
261080 S/I 
62X29 4/4 


189X0* 

67100? 


Door Joriaa 

ttflf 

13 

m 

12 

u*y 

ii 

1994 

■gb Low 

StacaamAdm 
Hffli Lear 

Wnii^ii 


36S204 

362304 

307336 

(31/1) 

(4/4) 

3B78JS 

(31/1/9A 

41.22 

(W"32> 

Kama Soma 

9343 

8350 

96.48 

1BK*1 

P1/1) 

0343 

das) 

10377 

(18/10/93) 

54jg 

(inirai) 

Tmnt 

1557.73 

167339 

1667-BS 

108229 

m 

154803 

(20M) 

186229 

wm 

1332 

vm 

um 

17328 

177 JB 

17355 

mm 

pnj 

177 JB 
(120) 

TEAM 

pi /am 

1000 

(H09 

OJ rid. D4V8 Mgh 36WU2 PBKUbB Unw 383X37 PBK.Q4 ) (Tha i uHi rip 
Day® ft«i 386*74 096394 j Law 393797 062304 ) (Acturifl) 

BUndarJ aod Poore 


ft—pnria f 

44*15 

44X75 

441 .« 

43X98 

W2) 

43332 

m 

482X 

<pnm 

*40 

tvonzj 

Mrirtabf 

5TBJ2 

51381 

51331 

66059 

OT 

510.05 

(21M) 

5B35B 

(2/2/94) 

XB2 

vvsn 2) 

Raandal 

4X51 

4X33 

4X39 

4388 

(31/11 

41.30 

m 

4U0 

(2BWB® 

384 

(U1Q/7fl 


BSE SBBLf1979) 


35080 tq 3781.1 4287X 292 


Jakarta CnmnnOfl/82) «7.40 W *&53 61209 5/1 


SEO OwQRin/Bffl 179409 1782.74 1802.15 2082.16 20/1 

any 

Bm Conn u P 97 ^ 50605 50102 810.07 817.17 1 (ffi 
MB General ( 4 / 1 W 1 13050 12960 13070 131800 1 (K 


21/4 
200104 31/3 

73033 2/3 
222100 2/3 
2/3 


934.19 115 
835944 4/5 
346*00 5/1 
«4J2 28/4 
179X74 1» 



233190 4/1 

174300 Wl 

mSECen®. 

24X70 

24335 

24*51 





671300 ISA 

644380 IVt 




m 

(4/4) 

(2®Bfl 

(25««3 



tnw MHVU 

43X57 

433.36 

43117 

48739 

4Z7.W 

487 JB 

2331 

07*28 V2 

86337 2/4 





era 

tSM) 

OWfflfl 

(9/12/725 



NASOAO Grip 

71X91 

71931 

7173 

»IM 

70531 

00333 

5*87 

33331 31/1 

30373 20*4 





(18/3) 

cm 

(1BOB4) 

(31/10/72) 


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164320 164406 163504 166127 IE /3 

232491 232150 230620 232*91 13 Q 


Kl££ 0 nraU 4 MGa 100403 99692 100697 131440 5/1 


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12 S 894 142234 31/1 123073 9/5 

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12 R 76 175173 4/1 119600 4/4 

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EomTaH 00 (Z 8 ffi/ 90 l 126801 126148 125087 131101 2/2 120209 2/3 

jcxeoriyis (3vi2ea n 30700 30039 305.19 sn 29020 zi/3 

Bartnp Qmtfmm 14707 14508 14030 182.72 14/2 14106 21/4 

■ CJLC -40 STOCK OOMtX HITUM$ (MATIF) 


BaighokSETCWOTS) 

Tiaksy 

MriU CnpJJan 1906) 
MOLD 

ms cam w nnrm 



May 8 

Apr 29 

Apr 22 

Year ago 

277 

2.78 

279 

3.04 

May 11 

May 4 

Apr 27 

Year ago 

2.94 

2,40 

2.48 

2.52 

2302 

2309 

2304 

2025 


Dow Jones bid. Dlv. Yield 

$ a p mo. our, ywd 
StPHLPfE radio 

■ STANDMD AND POORS OOO OBEX FUTURES $500 times Index 



Open Sort Price 

Change 

High 

Low 

EsLvoL OponlnL 

Jun 

443 JO 

44*15 

+1.05 

447.15 

*40.60 

664113 

197r49? 

SflP 

448.65 

448,60 

+1435 

447^5 

44X20 

Z44B 

15,798 

Dec 

449.60 

44906 

+036 

460.30 

448.10 

191 

7222 


□pan Mamd tguw n to pravloua day. 


■ mi vane ACTIVE STOCKS 



Open 

Sett Price Change 

«flh 

Low 

EsL vc* Open trrt. 

May 

2166.0 

2191.0 +130 

2210.0 

2184.0 

17.631 

23.971 

Jun 

2166.5 

217*0 +13.5 

2189.0 

21660 

966 

31.468 

Jd 21644) 21710 +130 

Opan Wnanaat Iguraa to pnwfciua day. 

21844) 

21644) 

1 

360 


Friday 

8to*s 

toded 

Cbw 

Nta 

CMnp 
bb dra 

CBcmp 

4.790,700 

36U 

_ 

BAG 

*457000 

13H 

•IN 

NUp Maris 

3096.700 

62H 

+iw 

TflMOKH 

3,492,500 

59 

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BUI AdflM 

2055,100 

25H 

-1ft 

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2043000 

44H 


AMfl 

2.487000 

53H 

■OS 

cwtott 

Z424j>00 

m 

+T4 

feBcran 

2067,700 

32W 

-V 

on Pam 

2031,800 

59% 

+44 


■ tnADawa Acnwrrv 

■ WUne fmXoBt 


Hw York SE 
Amn 

S®0S 


Uty 13 May 12 May 11 
25X048 272.770 277J09 
11886 15.194 18065 

— ffl.m ffl .a2a A 


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dadc riianaa 0 m oetud dB 1 * htori M u 
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and tam mv Hw Miagaa d dw Nghox and 
w» (atypEad by TtWun) mpmnnt tho Hghaat 
praiMUB da/sl ? Sutyoet n> oNdd 


ban Traded 

2.783 

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2010 

(foes 

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1.105 

061 

F*a 

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600 

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fewndu <>id TYanapoitfiikjii. 




lowad wtoaa roached raring On Cky by «Mh 
wdlriri t vafeiaa rial Um Mat has readied 


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FINANCIAL TIMES MONDAY MAY is 1994 


29 


CURRENCIES AND MONEY 


MONEY MARKET FUNDS 


' PO UNO SPOT FORWARD 


May 13 


HD AO'AliviS i 


Euvpt 


Austria 

(Sen) 

17X879 

Belgium 

(BFfJ 

51.4920 

Danmark 

PKtJ 

9.7008 

Finland 

(FM) 

8.1274 

France 

(Fft) 

8X778 

Germany 

(DM) 

2X012 

Greece 

(DO 

370.887 

Ireland 

(IQ 

1.0244 

lloty 

W 

2394 AS 

Luxembourg 

(LFr) 

51.4920 

Netteriands 

IP) 

2.8073 

Norway 

mn 

10.8353 

Portugal 

(Es) 

250211 

Spam 

IPta) 

206.734 

Sweden 

(SKr) 

11.6103 

Switzerland 

(SFr) 

2-1369 

UK 

ffl 

. 

Ecu 

_ 

12975 

sent 

_ 

0.940342 

Americas 

Argentina 

(Peso) 

1.4988 


Ctos*»a Ctanoa BWolfer 
on day sprsafl 


9.7B06 -0X169 770 - 848 
8.1274 -0.0106 ISO -368 
8-5776 -00121 783 - 818 
-0.004 998-024 
♦1-209 360 - 423 
-0.002 235 - 253 
-15S 280 . 817 
■0.0574 500-340 
-0X03 059 - 087 
“0-018 312 - 383 
-0J11 000 - 421 
+0.117 610 - 8S7 
0.0104 019 - 166 
2-1369 -00077 3S7 - 38Q 


:HL POUND. 


^/»MW One month iw* months Omm Bank of 
_Mgft low Rate ftPA Rala MPA Rate ftPA Erg. Index 


DOLLAR SPOT; FCRV'/ARD AaAir^ST TRE .DOLLAR: 


May 13 


CMlM 

mW-port 


Orange Bfd/orfor 
on day spread 


Day's mid 
tow 


On* month Three months One year J-P Morgan 
Rats %PA Rate %PA Rare %PA mete* 


17.6846 17.5847 
SI 592? 513283 
9-8131 9.7688 
8.1680 8.1080 
65983 

25088 24938 
372X77 388.461 
1-0297 1X006 
2398.41 2386.14 
515927 515283 
28151 2.7898 
109004 10.8090 

258.301 256.853 259.186 -4.5 261.131 -4.5 

206^25 205JM6 207233 -22 208.154 -Z? 210.954 -10 

11.8744 11.5852 11.8318 -12 11X823 -IX 11.7513 -1.2 

2.1428 2.1339 2.135 1.0 11304 1.2 10889 1.8 


17X841 

02 

17-5785 

02 

_ 

. 

51487 

ai 

51X17 

-02 

51217 

02 

8.7884 

-ox 

9.7668 

-0.6 

9214 

-02 

8X834 

-01 

6X89 

-OX 

8X54 

02 

2X017 

-02 

2X01 

00 

2/J804 

02 

1.025 

-ox 

1X263 

-0.7 

1X283 

-0.4 

2400.94 

-32 

2410LB4 

-2.7 

2442.04 

-2.0 

51.467 

0.1 

61X17 

-02 

51217 

02 

2X009 

02 

2.8005 

0.1 

2.7837 

02 

10.8KW 

OX 

10X422 

-0.3 

10.8333 

00 


V»75 -0.0007 968-881 1.3014 11944 i» -0-7 1J3B9 -04 


113.8 

115.0 

1110 

811 

1Q7.6 

123.4 

1042 

715 

1151 

118.7 

B5X 

844 

77.1 
1171 

80.1 


1.2947 02 


1.4888 +0.0003 984 - 992 
Bfaa (O) 230117 *3188 142 - 262 

Canada (C$) 21685 -01051 676-693 

MflKloo (Now Peso) 4.9962 +00197 875 - 048 

USA (!) 14004 +0.001 000-007 

PacMc/Mfckfle East/ Africa 

2-0788 -01038 778 - 800 


+0.474 095-243 
33152 +0.0002 135 - 168 


Austria 

(Aft) 

2.0788 

Hong Kong 

(HKS) 

11.9931 

India 

Ps) 

47.0641 

Japan 

(Y) 

157.189 

Malayda 

(MS) 

3X152 

New Zealand 

(HZ* 

£5704 

PMppfcraa 

Paso) 

40.6971 

Saudi Arabia 

(SR) 

6X266 

Singapore 

(SS) 

2.3313 

S AWch (Com.) 

W 

5.4692 

5 Atficfl (Htl) 

(FP 

72387 

South Korea 

(Won) 

120926 

TaWan 

rr$j 

402244 

TheSand 

(Bt) 

37.8764 


6X286 +01036 250 - 281 


1-4992 14950 
230152 2258.00 
10713 10612 
51046 4.9875 


10600 10012 
114685 111635 
47.0807 481490 
157X20 156.100 
sues 31000 
15732 15642 
40X941 404000 
5.6281 5X123 
21325 13259 
5.4716 5X434 
7.4111 7.1899 
1209.71 120847 
401500 401900 
37.8827 37.7820 


Eurapa 

Austria 

Belgium 

Denmark 

Finland 

France 

Germany 

Greece 

Ireland 

itaiy 

Lujuxnborrg 

Netherlands 

Norway 

Portugal 

Spain 

Sweden 

Switzerland 

UK 

Ecu 

SDftt 

Americas 


(Seffl 11.7225 
(BFr) 344200 
[DKr) 6.5180 
(FM) 5X170 
(FFr) 17170 
P 1X871 
(Dr) 247100 
(t£) 1.4646 

(U 159515 
fLFrj 344200 
PI 1X711 
(MO) 7X21 B 
(Es) 171 TOO 
(Ptt) 137.790 
{SKr) 7.7384 
1.4243 
11004 

1.1564 
1X0976 


(SFr) 


-0.085 200 - 250 11.7745 11.7200 
-018 000 - 400 34.4360 341600 
-0.0154 180 - 200 61495 61016 

-0.0106 120 - 220 5.4491 5.4017 

-OH 18 1SS - 185 5.7390 S.7050 

-0.0037 660 - 67S 1X750 1.6622 

+0X5 900 - 500 248.500 246100 
+0.0036 637-658 1.4709 1.4388 

-1.85 520 - 670 180125 159110 
-0.06 000 - 400 34.4350 341600 
-0.0032 706 - 716 1.8733 1.8684 

-0X173 206 ■ 228 7.2703 7X048 

-0X5 000 - 200 171500 171.350 
-0X1 740 - 840 138.040 137X00 
7.7917 7.7050 
1.4307 1.4225 
11007 1.4965 
1.1591 1.1507 


-0.0119 348 - 421 
-0 006 230 - 247 
+0.001 000 • 007 
+0.0013 561 - 58/ 


11.731 

-AD 

11.7262 

-02 

11.7228 

0.0 

103.0 

3425 

-12 

3427 

-08 

3*235 

02 

104.4 

6X28 

-1.7 

85385 

-1.1 

8X28 

-0.1 

103.7 

14105 

-A3 

2419 

-0.1 

6.4245 

-AI 

718 

5.7237 

-1-4 

27289 

-A0 

5.7048 

02 

1D4X 

1.6605 

-12 

1X885 

-02 

1X538 

A8 

104.7 

260.95 

-182 

258225 

-18X 

2872 

-102 

69S 

1.4021 

2.1 

1.4562 

1.7 

1.4501 

IX 

- 

1600.45 

-3.4 

1607.55 

-2.9 

1826X5 

-1.9 

79.1 

3425 

-IX 

3427 

-0.6 

34235 

02 

104.4 

12722 

-0.7 

1X726 

-03 

1.8576 

07 

103.8 

72268 

-0.7 

7X253 

-02 

72018 

02 

911 

173X35 

-20 

1752 

-7.4 

1902 

-4.9 

92.7 

138215 

-A7 

138X8 

-32 

140.705 

-12 

78.9 

7.7564 

-22 

7.7704 

-2.1 

7X434 

-1.4 

82.6 

1.4239 

02 

1.4216 

ax 

1.4008 

1.6 

103.3 

1.4995 

0.7 

1.4991 

02 

1X999 

OX 

99X 

1.155 

1.5 

1.1539 

a9 

1.1555 

ai 

- 


7X387 +0.1471 200 - 534 
+1.44 900 - 971 
0X045 000 - 488 
, -0.0186 600 -027 

itaKJ5£2ta25 — *** -?J««*ra^taarad to drams*. 

1 Dc«ar_Sp« tra*a+ dwwd horn thc WM/neuTTEfreojoSaa SPOT 


- 

- 

- 

- 

- 

- 

- 

Argentina 

(Paso) 

0X990 

-0X004 

Bag -990 

0X990 0.3998 


_ 

_ 

. 

_ 

. 

_ 

“ 

" 

- 

- 

- 

- 

- 

Brazil 

(Cr) 

153429 

+25-48 

428 - 430 

1534.30 153*28 


_ 

. 

- 

- 

. 



-IX 

3.0752 

-1.3 

20906 

-1.4 

872 

Canada 

ICS} 

12787 

-0.0043 

764 - 789 

1.3810 1X765 

1.3607 

-1.7 

1X046 

-1.7 

1.399 

-IS 

83X 

1 .4096 

“ 

- 

- 

- 

- 

— 

Mexico fNevrPeao) 

32300 

♦0X11 

250 - 350 

3X350 3.3250 

1331 

-0.4 

3-3328 

-OX 

3X402 

-0.3 


A7 

1.499 

OA 

1.4999 

OX 

65.7 

USA 

Pacfflc/Mkktia 

East/ Africa 

' 

" 






- 


100.4 

2X773 

A9 

2075 

0.7 

2X73 

02 

- 

AustreSa 

(«* 

1X855 

-0.0035 

850-860 

1X337 1.3837 

1.3887 

-1.1 

1X814 

-1.7 

1X02 

-IX 

87.4 


1.3 

11.5738 

A6 

11X248 

OX 

- 

Hong Kong 

(HKS) 

7.7262 

+0X007 

257 - 267 

7.7267 7.T2S7 

7.7292 

-as 

7.7352 

-OX 

7.7599 

-0.4 


" 

- 

- 

- 

- 

- 

- 

Incfia 

IBs) 

31.3888 

-0.0012 

660 - 725 

313725 31-3950 

31.4338 

-&s 

31X688 

-2.8 

. 

. 




158.059 

ZB 

152284 

3.0 

184.7 

Japan 

<Y) 

104.7S5 

+0X5 

730 - 780 

105.100 104.100 

104X6 

?x 

10*1 

2 3 

toi.ai 

3.0 

1469 

* 

" 

- 

~ 

■ 

- 

- 

Malaysia 

(MS) 

28096 

-0X015 

090 - 100 

2.8133 2.6045 

2.6025 

3.2 

2X87 

3.4 

2X485 

-IS 



-1.4 

2X770 

-1.1 

2X862 

-as 

- 

New Zaniaod 

(MZS) 

1.7131 

-0.0062 

115 - 147 

1.7147 1.7109 

1.71*3 

-09 

1.7188 

-IS 

1.7407 

-1.8 

_ 

' 


- 

- 

- 

- 

- 

PNtipphrae 

pmoj 

27.1250 

- 

000 - 500 

27X600 27X000 

- 

- 

- 

- 

- 

. 

_ 

" 

“ 

" 

" 

- 

- 

- 

Saudi Arabia 

(SR 

27502 

* 

500 - 503 

3.7503 3.7500 

3.7509 

-02 

3.7532 

-OX 

3-7647 

-04 

_ 

" 

" 

- 

" 

- 

- 

- 

Shgapore 

(SS) 

1X538 

- 

533-543 

1X543 1-5523 

1X532 

as 

1.5327 

03 

1X513 

ax 

_ 

" 

” 

" 

“ 

- 

- 

- 

S Africa (Com) 

(H) 

3.6453 

+0.0038 

445 - 460 

18475 3X340 

3X618 

-SA 

3X878 

-*7 

3.7808 

-17 

_ 

' 




- 

- 

- 

s Africa (Fn.) 

(H) 

42900 

♦0.095 

800 - 000 

*-9500 4.8000 

4X24 

-ax 

4X84 

-7.7 

- 

ra 

_ 

" 

" 

- 

- 

- 

- 

— 

South Korea 

(Won) 

806.050 

+0.45 

000 - 100 

808X00 805X00 

809.05 

-4S 

812X5 

-3.2 

831X5 

-11 


" 

“ 

" 

" 

- 

- 

- 

Tehran 

(TS) 

26X100 

-0.02 

000 - 200 

26X800 26X000 

28X786 

-2.9 

26X76 

-2.5 

- 


_ 


" 

" 

- 

• 

- 

- 

Thnland 

(Bt) 

25X450 

-0X05 

400 - 500 

2SX5QQ 25X300 

25X25 

-3X 

25.45 

-ax 

2597 

-2.9 

- 


CROSS RATES AND DERIVATIVES 


by tha Bra* or Ergon* B aw orators teas"- room. ObMiWirai *1 com ora and 
RATES. 8onra wfcras n lonM by jfraF.T. 


rSOH rats tor May 12. BMMNv 
• ' >by 


*1 On I 
UK. iiat 


tar SfO tatoln show only Hm lost On 
1 4 BCU are quoted ki US currency. JP. Morgan nominal Mom May 12. 1 


FIXED INTEREST RATES 


r drecdy queue to bra 
as avraasa 1890.100 


EXCHANGE CROSS RATES 

M*y 13 SFr DKr R=f 

DM 

R 

L 

R 

NKr 

Ea 

Pta 

SKr 

SFr 

E 

CS 

8 

Y 

Ecu 

Os+gkrai 

(BFtJ 

10 

19X0 

16X8 

4X57 

1X89 

4049 

1452 

21.05 

501 X 

401 A 

22X5 

*160 

1942 

4918 

2.913 

3011 

2X21 

Denmark 

(DKr) 

52. EM 

10 

1769 

2X57 

1.047 

2448 

2X70 

11.08 

284.0 

211X 

11.87 

2.185 

1922 

2.115 

1S34 

180.6 

1X27 

Prance 

(FFt) 

60.03 

11X0 

ID 

2X16 

1.194 

2791 

1273 

1164 

301 X 

2419 

1154 

2.482 

1.168 

2.412 

1.749 

183X 

1X13 

Germany 

(DM) 

20X9 

3X11 

1429 

1 

0409 

957.2 

1.122 

4X34 

1032 

8185 

4X42 

0X54 

0400 

0X27 

1600 

6181 

0X19 

Ireland 

TO 

50X8 

9X52 

1376 

2.442 

1 

2338 

2.741 

10X9 

2S2.1 

201.0 

11X4 

2.087 

0977 

2.021 

1X85 

1514 

1X68 

Rely 

04 

2.151 

A409 

QX5B 

1104 

0X43 

101 

1117 

1453 

1179 

1634 

1485 

0988 

1042 

1688 

0.063 

6X62 

0X54 

Netherlands 

(FI) 

18X4 

3X86 

3X66 

0X91 

0X65 

852 .9 

1 

1862 

91X8 

7184 

*136 

0781 

0356 

0737 

0.534 

S597 

0.402 

Norway 

(NKr) 

47X0 

9.023 

7912 

2X07 

0046 

2208 

2X89 

10 

yta? 

1907 

1171 

1971 

0923 

1909 

1X84 

1449 

1.197 

Portugal 

(Bfi) 

1994 

1788 

3X22 

0909 

0X87 

827 X 

1.087 

*198 

101 

80.06 

4.487 

0X28 

0X87 

1801 

0X81 

6184 

0X03 

Spain 

(Pin) 

2*91 

*732 

*148 

1X10 

0485 

1168 

1X68 

1244 

1249 

100. 

5X17 

1X34 

1484 

1X01 

0.728 

7100 

1628 

Sweden 

(SKr) 

44X5 

1425 

7X88 

2.154 

0X82 

2062 

2.418 

0X37 

2214 

1710 

10 

1X41 

0X81 

1.782 

1X92 

135X 

1.118 

SwUnartand 

(SFfl 

24X9 

4.577 

4.014 

1.170 

0479 

1120 

1X14 

1073 

120X 

9172 

5.433 

1 

0468 

0968 

1702 

73X1 

0X07 

UK 


51.49 

1781 

8X77 

1501 

1.024 

2304 

2X07 

10.84 

2S12 

2017 

11X1 

2.137 

1 

2.088 

1X00 

157.1 

1X98 

Canada 

(CS) 

24.89 

4.727 

4.145 

1X09 

0496 

1157 

1X87 

5l239 

12*8 

9990 

1811 

1933 

1483 

1 

0.725 

7593 

0X27 

US 

ft) 

3*33 

8X21 

1718 

1X67 

0683 

1596 

1.871 

7X27 

172.1 

137X 

7.740 

1.425 

1687 

1X79 

1 

104.7 

0X85 

Japan 

W 

327.8 

82XB 

54X0 

1192 

1518 

15239 

17X7 

89.00 

1844 

1316 

73.90 

13X0 

6X66 

13.17 

8X48 

1000. 

12B2 

Ecu 


38.87 

7X35 

6.608 

1X27 

0789 

1844 

2.163 

8X61 

1989 

1SSL2 

8945 

1X48 

1770 

1S84 

1.158 

121.0 

1 

YM par 1.000: OonWi Krmr, French Franc. Nonraeian Kroner. S+mtah Kroner and Batman Franc 

per 10: Eacnda, Lire and Peseta 

par 10O 








MONEY RATES 

May 13 Over- 



1.00 

are 

un 

tUMWE*.W»- . 

u* 

u 


CSJUJO-UMWM - 

era o»-r2« jura.. 

Ui 


ia * 
*07 

craoa>-i+a»4»He.„ 


lie 

433 

nturoo* 

*re 

336 

4«& 


Ora Three 


Sbr 

mtha 


One Lomb. 
year Inter. 


Repo 

rate 


Belgium 

week ago 
France 
weak ago 
Germany 
week ago 
Ireland 
week ago 
Italy 

week ago 

week ago 
Switzerland 
week ago 
US 

week ago 


week ago 


5ft 

5fi 

54 

5ft 

54 

7.40 

*50 

- 

5A 

Si 

5ft 

5* 

53 

7.40 

*75 

- 

5M 

m 

64 

6ft 

5ft 

5X0 

— 

8.75 

5% 

5» 

5ft 

5ft 

5ft 

170 

- 

7.75 

150 

0X0 

103 

*96 

4.90 

100 

4X0 

147 

138 

5X0 

6X0 

112 

107 

150 

5X0 

147 

53 

5H 

6 

64 

04 

- 

- 

8X5 

S% 

9% 

6 

« 

at 

- 

- 

6X0 

73 

73 

73 

73 

73 

- 

7.00 

110 

m 

79 

7| 

t a 

8 

- 

7.50 

8X7 

5X8 

112 

105 

103 

102 

_ 

12S 

_ 

548 

112 

111 

110 

110 

- 

125 

- 

4'A 

4 

4 

4 

4 

6.625 

3X0 

- 

3S 

4 

4 

4 

44 

1026 

3X0 

- 

33 


«3 

5ft 

53 

- 

100 

a. 

33 

44 

4ft 

5 

5ft 

- 

100 

- 

2* 

2ft 

24 

24 

24 

- 

1.75 

- 

2 VS 

2 VS 

2ft 

2ft 

23 

- 

1.75 

- 


■ D-MAWt FUTURES (1MM) DM 125X00 par DM 



Open 

Sett price 

Change 

High 

Low 

EoLvd 

Open taL 

Jtn 

15095 

0.5984 

-0.0009 

06013 

0X984 

40X71 

114X38 

Sep 

0X078 

0X085 

-10011 

0X090 

05985 

899 

1164 

Owe 

0X090 

0-6001 

-0X012 

QX009 

0X990 

Z 

211 


UK INTEREST RATES 


LONDON MONEY RATES 

May IS Over- 7 (ttys 

nlghl notice 


One 

month 


Uvea 

months 


St* 

months 


One 


■ SWISS FRANC FUTURES (TMMJ SFr 125X00 per SFr 


Jun 

07019 

17014 

-00004 

17030 

16996 

18.119 

38X39 

Sep 

17030 

17035 

-10C3J3 

17045 

17025 

129 

731 

Dec 

- 

0.7069 

-10007 

- 

17008 

24 

337 


VBH FUTURES (I MM) Yen 116 par Yrai 100 



Open 

srat price 

Qtaige 

High 

Low 

EsLval 

Open be. 

Jun 

0.9812 

a 9539 

-10068 

19025 

19536 

29X59 

66.032 

Sep 

0X681 

0X612 

-0X068 

0X675 

0X6125 

1X73 

5,121 

Dee 

19720 

0X692 

-10070 

19720 

0X692 

6 

689 

■ STERLING FUTURES (IMM) E62XOO per £ 




1.4984 

1.4990 

1.4974 

-0X020 

1X000 

1,4966 

11148 

43X46 

14976 

1.4900 

1.4968 

-10020 - 

1.4880 

1,4944 

1X73 

2X90' 

- 

1.4980 

1.4969 

-0.0028 

- 

1X960 

8 

39 


htabsik Starting 

5% -3 

4H-4A 

5A-4« 

5A-sA 

5,; 

s& 

6B-5J2 

Stating CDa 

- 

- 

5-411 

5% -5^. 

s& 

SA 

5%-5% 

Traasuy BSa 

- 

• 

4S-4H 





Bank BBS 

- 

- 

4C-4B 

4(2-4% 

5% 

5ie 

. 

Local arthority dope. 

4&-4A 

4IJ-4A 

5iV - 4il 

5,1 - 5,V 

5% 

6% 

5% -5% 

Discount Marlrat Oops 

5-4 

4tt-4A 





UK clearing bonk base 

tenting Me 5% per cent torn February 1 1994 





Up to 1 

1-3 

3-6 

64 

9-12 



month 

month 

morahs 

months 

monfos 

Carts of Tex dap. £100X00) 

1% 

4 

3% 

3% 

3*2 


■ SUBOft FT London 
Interbank Fixing - 44 4fl 

week 090 4J 4ft 

US Dolar CDs - 4X0 4.56 

week ago - 4X0 4.40 

SDR Linked De - 3% 4 

weak ego - 3% 4 

ECU Untold Da mtd rnlac 1 mdt 6t 3 mtha; Mfc 
iwm we Mima mm tor Siam quotsd to Bra mart 
dv- Pw bank* am: D ratoara Trust, Bank o* Tokyo, 
Mid rasra ate ahovm tor die dontaafa Money Hran. 


514 sa 

<155 - -- 

6.00 5X1 

4X5 6X8 

<4 

*4 44 

6 mtha: Sfti 1 yoan 814. S UBOR nratta* fixing 
by lour raiaranea tanka re 11am oaeri mrMng 
Bach, and Manor. vraabnh wta -. 

US S CDa and SOR Urdasd Dapoada PM. 


EURO CURRENCY INTEREST RATES 

May 13 Short 7 days One Three 

notice 


One 

month 


St* 

months 


Ora 


■ PHLADELPMA SB OFTIOMS C31XS0 {cents per pound* 


Carta .Tax dap uniat nODjDCfi ts l^rpo. TtopMHa WMnim lor ctuto W. 

Aira land. raM of rtaeud 4JH68IX: ECOO fixed ran 9d» EraoR Rnamra Uaka up d« Apri 281 
1984. Apraad rats fcr period M* ZS. 1804 la Jun 23. IBS*, fidrairaa 1 6 B uepc. Hakama tala fty 
partod Apr 1,1884 to Apr 28 l 1884, SctwrnoaiVA VMMpc. Fkwnoo How* Boo Rare St jpc horn 
May 1.1984 

BANK OF ENGLAND TREASURY BILL TENDER 


5%-5% 
712-812 
5 s * -Sh 
5A-5& 
S%-5% 


6*2 -5% 
6%-6% 
5ft-5ft 
5% - 6% 
6H-5IJ 


54-6A 

S%-5% 

5 % - 6 % 
54-5,', 
5%-5% 


5 A - 54 
6% -5% 
61,-6 
51,-5 


Ilia - 11% 12% * 11% 12% - 114 11% 


54-5,1 
- 10 % 


Strike 

puce 

May 

- CALLS - 
Jun 

M 

May 

— PUTS — 
Jun 

Jut 

1.428 

7X4 

7.16 

7X8 

. 

- 

118 

1.450 

*74 

4.77 

112 

- 

0X8 

049 

1X78 

2X9 

2X3 

3X8 

- 

1*2 

1.12 

1X00 

102 

1.12 

1X1 

112 

1X5 

2.18 

1X25 

- 

0.34 

198 

2X8 

3X1 

3X8 

1X50 

- 

0X5 

044 

5X0 

121 

162 


. 

Hay 13 

Hays 

- 

my 13 

Uv6 

Bason Offer 

400n 

£40001 

Tap Manual rata 

*BS33% 

*8734% 

Total nt awnraiun* 

El 873m 

£1883ra 

Am. rata of dtacoent 

4X428% 

*8888% 

Tata pfirran 

tana 

£40Qm 

iwraga ytad 

43020% 

4X280% 

Mu sccHAOd bid 

£81790 

£38.785 

OOar ra ned hinder 

£480ra 

E400D 

Mgtnwnt fit mtn. tad 

43% 

39% 

kiln, accept bid 182 days 

- 

• 


Belgian Franc 
Danish Krone 
D-Mark 
Dutch Odder 
Fiench Franc 
Portugutu Esc. 

Spanish Peseta 
Stating 
Swiss Franc 
Carr. Doa*r 
US Dollar 
ttafian Ura 
Yen 

AetaiSSfiig 

Short tam ram ota col lor Bra US Data and Van, others; two days' nonce. 
■ THROW MONTH EURODOLLAR 0MM) Sim points of 10094 


512-6% 
S%-5% 
5-4% 
5% - 5 
5% -5% 
10% - 10% 


7& 

-7A 

7*1 

7H 

7%- 

7% 

7% 

-7% 

7% 

-7H 

4% 

-4<a 

48- 

412 

Sit 

5 

sa 

-SA 

6% 

-8I4 

4% 

-4 

4% 

- 4 

4i- 

38 

4 

3% 

4 

3% 

8% 

-5% 

SA 

SH 

5fl- 

68 

6ft 

-6ft 

BH 

-OH 

3% 

3% 

4% 

-4 

4ii 

4ft 

4% 

-4% 

5ft 

■ 5ft 

9- 

7% 

7%- 

7% 

7% - 

7% 

7% 

-7% 

7% 

-7% 

2A 

-2% 

2A- 

2£ 

2ft' 

2% 

2ft 

-2ft 

2ft 

-2% 

3*2 

-2% 

3%- 

2% 

3%- 

2% 

4 

• 3 

4 

-3 


6%-5% 
5%-5% 
4B-4« 
5% - 5 
5% - 5% 
10% -9% 
TH - 7ft 
5H-6& 
44 -3U 
7% -7% 
5%-5% 
7% - 7% 

24 - 2% 

4% -3% 


PitMiouB day's vol, Cans 40.035 Puts 12,489 . Prav. day's open WL, Cans 491530 Puts 433L322 


FT GUIDE to WORLD CURRSWaES 

The FT Gufctt to World Currencies 
table can bo found on page 23 in 
today's edition. 


■ Pound ki Hew York 


Hay 13 

~Qon “• 

—Prey, cfcne 

E*nt 

1.4990 

1.4897 

1 odh 

1.480 

1.4888 

3 m® 

1.4890 

1.4880 

1 V 

1X980 

1.4893 



Open 

Sen Price 

Change 

Hgh 

Low 

Eat voi 

Open Int 

Jun 

94J92 

9100 

+0X9 

3104 

94X2 

169X54 

422.492 

Sap 

9*21 

84X1 

+0X0 

94X5 

94X1 

242X48 

430,744 

Dec 

93.71 

93.79 

+111 

83X4 

93.71 

332X23 

415X20 


■ US TREASURY BILL PUTUian QMMj $1m par 100% 


STOCK EXCHANGES 


Jim 

Sep 

Doc 


MX 8 
94.72 
94X3 


95X4 

94.78 

94X6 


+0X9 

+110 

+0X9 


95X5 

94.79 

94X7 


95X7 

94.71 

94X0 


4,711 21751 

1328 11933 
148 7X68 


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Trust Funds 


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zti I uni Mu 

Wastera Dnai Mgh tatantt Chcqw fee 

Tla Manracame. PiynWi PU ISE 0352 22414! 

£13X00+— —I *75 166 I 434 1 Ob 

£1000-C143M_ 1 450 1» [ 

nmn-eueo— — Ura ns I 


gl 


Mils- Orara CBMranra rm o r raai pism*. U 

Ol 3a* rate hxoa tw. 
1 xkMtoa tor dedncoa* el 

ie**tOnmrt»4nnratora« 

tBi* moral ra tin p oi Bre * ktaad odd ow hop 
r, Itaaxawa A*u* We - . H CE Freancncy 


mu- unw naa l 

hMia aaaM or ■* anuawi or 
tab Him or toferad Brad** dfer i 
stag rd» tocoora tox Maa C**t 


mla-MBi 

iatm-aas5» 


FT+ACTUARtES WORLD INDICES 


Jofody emptied by The Financial Times Ltd- Goldman, Sacha & Co. and NatWest Securtttos Ltd. ki conjunction with the institute of Actuaries and the Faculty of Actuaries 
NATIONAL AND 

REGIONAL MARKETS FRIDAY MAY 13 1994 THURSDAY ItiAY H19BA DOLLAR INDEX' 


Rpren In parenthesaa 
draw number of Mce 
of stock 

US 

Dollar 

Max 

ftchg 

olnce 

31712/93 

POitod 

Starting 

Index 

Yen 

tndvt 

DM 

mde* 

Local Local ft 
Currency chg hum 
Index 31/12/93 

Gross 

Oh. 

Yield 

us 

Dolar 

Index 

Pound 
Sterfog 
bide* ‘ 

Yen 

Index 

Local 

DM Curancy 5B week 52 week 
Index Index Hgh Low 1 

Year 

ago 

(appra* 

Aufitrtaa (69) 

- -17155 

2X 

168X4 

112X4 

147X2 

167.17 

-ax 

3.49 

167.41 

16153 

11159 

14141 

154X6 

189.15 

13119 

13175 

Austria (17) — 


S3 

172X1 

115X0 

151X6 

161X8 

-0.1 

1.06 

17141 

171.48 

114X5 

150.62 

15104 

195X1 

14114 

142.10 

Beltfum (42) . 

— 17173 

ex 

171 .67 

115X4 

150X7 

147X4 

1* 

3.71 

17143 

171.43 

11*56 

15184 

1*7.04 

176X7 

141X2 

148X9 

Canada (106) 

—.—127.06 

-8-4 

126X5 

8*13 

110.12 

126X4 

-2-8 

2X6 

12144 

125X2 

8152 

109X2 

126X1 

145X1 

121.48 

127.06 

Denmark (33) _ .. 

254.70 

3.0 

251X8 

10165 

22174 

225X2 

-1.1 

0.96 

254X0 

261.75 

16119 

221.15 

22128 

27178 

207X8 

221X0 

RNand(2S5 ■ 

153.82 

24J9 

152.00 

101X6 

133X1 

174X7 

18X 

106 

151X4 

15114 

100X1 

131X9 

172X8 

15172 

85X4 

92-25 


.17174 

14 

174X6 

117.03 

15118 

158,60 

-2-8 

2X4 

175X2 

173X5 

115X4 

162X5 

157.72 

185X7 

140X0 

154X5 

Germany (TO ~ 

14*41 

3-0 

142.70 

9162 

12116 

12110 

-1.1 

1X5 

14136 

141X8 

9*64 

12*44 

12*44 

147X7 

107X9 

112.18 

Hong Kong (56) 

— 374X1 

-23,5 

37106 

247X9 

32*59 

371.49 

-23X 

2X7 

38159 

359X1 

24119 

315X2 

36a 82 

508X8 

271.42 

287XS 

htUmd (14) . __ 

184X8 

-OX 

182X0 

122X9 

16106 

177X8 

-4.1 

143 

18111 

181X8 

120X6 

159X8 

178X3 

200X3 

156X3 

18*12 

Hafy (60) _ 

. —.9131 

414 

96.17 

63.77 

8147 

114.79 

30X 

1X3 

96X2 

95X4 

9163 

83.66 

11*93 

97.78 

57X8 

80122 

Jraran (469) . 

157.12 

217 

1512S 

104X4 

13117 

10*04 

13X 

0.78 

157.6a 

15191 

10*16 

13198 

10*18 

165X1 

124X4 

142XS 

Maferyata (90) 

477X4 

-18X 

472.19 

31142 

41*15 

480X4 

-21X 

1.40 

471.13 

465X5 

811X2 

409X3 

47178 

021.63 

312X1 

327.48 

Me+*»(18) 

. -1911X6 

-119 

188182 

1265X7 

185144 

6968X0 

-14X 

1.12 

1887.74 

184179 

1233X1 

1822X2 

8777X9 

2847X6 

1431.17 

148100 

Nedrarland ps) 

.—202X5 

IX 

20045 

134X2 

175X1 

173X3 

-IX 

3X4 

202.42 

20116 

13172 

176X2 

17110 

207.43 

16130 

168X0 

New Zealand tl 4) 

.. .67.58 

-16 

66.70 

4*74 

58X5 

61.46 

-*7 

3X9 

67.04 

6129 

4*29 

5123 

61X0 

77X9 

46X9 

47/15 

Norway p 3) 

108X6 

10^ 

196X0 

131X4 

171X1 

19*43 

10 

1.71 

194X7 

192X9 

12148 

168X1 

191.08 

20142 

150X1 

158X5 


34144 

-7.4 

33141 

22143 

29106 

24177 

-1QX 

1.65 

336X4 

33118 

222X8 

292X7 

241X8 

378X2 

24148 

247X8 

South Africa (59) _ 

-26114 

-14 

282.98 

17123 

230X5 

28*45 

13X 

2.17 

287X0 

20*00 

17137 

231X1 

279X2 

280X6 

176-93 

189X9 

Spain (42) 


3.7 

142.78 

9188 

125X3 

15183 

10 

3X6 

143X7 

141X6 

9*77 

12*82 

149.77 

15179 

110X3 

127X0 

SwedenpQ _ 

-228.46 

16X 

22170 

151X8 

19101 

261.72 

ID 

1X3 

224X3 

222X2 

14132 

185X3 

257X1 

23002 

18185 

176X1 

Swttzatand (48} 

15*69 

-33 

162.78 

102X6 

133X8 

13160 

-7.4 

1.78 

161X9 

149X9 

100.14 

131X7 

13*42 

17156 

121.18 

121.18 


-191X8 

-A4 

189X9 

127X4 

166X8 

189X9 

-7.7 

3X1 

192X9 

190L73 

127.42 

187X5 

19173 

21*96 

17032 

170-28 

USA fl519) 

18198 

-*7 

178X4 

119X4 

156X5 

180X8 

-4.7 

2X6 

180X8 

17184 

118X4 

158X2 

130X6 

19104 

178X5 

17144 

EUROPE (724) 


IX 

168X2 

112X8 

147,89 

16180 

-2.6 

2X8 

17112 

168X1 

112X8 

147.77 

16156 

178X8 

141X8 

14*85 


13X 

21111 

142X1 

188X1 

21177 

19 

1.31 

212X0 

210X1 

140X4 

184X3 

21140 

22160 

155X2 

16127 

Pacfflc Basil (750) 


1*0 

16146 

109X4 

143X7 

113X1 

7,7 

1X7 

185.40 

163X5 

100X8 

143X7 

113X8 

168X0 

134.79 

14101 


8X 

105.46 

110X7 

14112 

132X6 

3X 

1X4 

167X1 

195X3 

11046 

145X4 

132.12 

17178 

141X8 

14195 

North America (825) — 
Emjpe Ex IK (519) 
Pacific Ex Japan (281) . 

177.63 

-4.7 

175X3 

117X2 

153X5 

177X4 

-*6 

2X4 

177X0 

175X1 

117.12 

15*00 

178X3 

192.73 

17167 

17119 

15117 

12 

153X3 

102.75 

13*48 

142X0 

17 

2X8 

153.92 

152.19 

101X8 

133.90 

141 XS 

157X7 

122X7 

125X5 

-X47X8 

-13X 

24*17 

183X2 

21*15 

223X4 

-112 

2X6 

242X5 

239X4 

159X0 

210X5 

219X8 

298X1 

182X8 

188X3 

16&28 

7X 

108X6 

111.43 

14164 

13146 

ax 

1X5 

16100 

18112 

110X8 

148X3 

13116 

172X1 

142X4 

148X4 

World Ex UK (1971) 
WoridEx So. AL (2117) 
Wbrid Ex Japan (1707) 



167X1 

112X5 

14191 

145X7 

ox 

2X5 

16110 

187X1 

111X1 

146X8 

145X4 

175X6 

153X2 

154.60 



168.00 

11116 

14113 

148X9 

-11 

2X4 

170X3 

16171 

112.71 

14121 

14160 

178X8 

15100 

15147 

,181X0 

S3 

179X5 

119.98 

157X4 

17124 

-*7 

2X6 

18149 

17148 

119X3 

15177 

175X2 

195X0 

165.70 

16170 

The World Index E17K 

171.49 

ZB 

169.46 

11X56 

148X3 

149X0 

OX 

2X3 

171X1 

169X8 

11110 

14171 

149X8 

178X7 

15117 

156X9 

82*22^0^^ 1»“ . ra* W* M MfitaAiM 1 - 18M* »» 8M04. TMA8 

Mbera to Now Cenx (C*n«ta eni aiMr id Noram Braruy (UBAL Dfikfon ififirfira dosed lao/M. 


►CK INDICES 


Ifcy 13 kby 12 Mta 11 MfeilO Hfif 9 Ugh Low Hgh Ura 


100 

HM 250 
UU 250 ax (Ik 

I 360 

SntdOv 
SnafiCap u ITa 

i M-aore 


31 112 3137X 31315 31313 3097X »U S2U 

3721.8 37«L4 37415 37513 3742.1 41tt9 3721X 4108 13714 

373X8 37555 37515 3709 37S10 41917 373X6 41507 13713 

1580.0 15813 15015 15808 1573J 17713 1564.7 17713 6845 

182X04 1927 81 1B316B 193103 183X40 288*08 187*73 2M4X8 13^79 
1 07X1M 1805.29 1908.75 1911X7 1913X9 206072 182529 288172 138179 
1571X3 158145 1578J0S 158123 15GE.43T7M.il 1558SBT7S411 81X1 


— 1894— Sbica arms. 

Hay 13 1% 12 Mfef 11 My 10 May 9 Hltfb lint Hfoa LWf 

FT-SE Euronck 100 146103 1460X9 1468.12 1458X9 1437X0 154110 1383X0 15«U9 90145 

FT-SE Eunrw* 200 148006 147149 147X45 1471X5 1452X4 1687.10 144106 1007.10 83162 

FT Ottaory 2471X 24941 24B1X 2B011 2477X 27116 24312 27116 414 

FT 6*1 Seartto* 9448 BX94 8X77 OU5 BUO 107X4 8X20 12740 4116 

FT Ftrad fertaBOt 112.10 111X7 111X8 11192 112.15 £33X7 1T082 133X7 60X3 

FT MB bOnefl 162162 164110 165254 184144 187Q56 2387X 176102 2WX8 922.16 

PndK8tSM9ddMkWi 20X6 2014 2Q6J 2100 2132 ZnX 1659 T34X 43X 


FT GOLD MINES INDEX 


% <hg 
Dq since 
13 31/12/93 

May MttCv 
12 Sra 

K of 
Beta 1 
Warn 

Ones At 
yWd% 

St wsak 

ftfoh U» 

1828X2 -111 

184110 4389 

10880 

112 

236740 152288 

2514.40 -23.9 

2540.71 12X3 

31X1 

*76 

3440X0 190123 

236147 -MX 

232127 111 

1*17 

ota 

301389 108118 

1552X6 -118 

1588X2 24.05 

55X2 

0J2 

2039X5 tmOO 


NfUnffl 

M indicts 

'«) 

W*« 

natal (ID 

y ia; ?n n a- twApk l a l flam jLfl Ymf ™e JhUaI p* 1 * 





ECU Tamrimraat FLC 

aChbaMtaPIfiOfi 
Batnrrarta 
London 5W1X 8HL. 
Tah+71 245 0888 
Frae+n 23S8G90 

SEA L 


FUTUSSS £ OrTiCHE 5RC'KS"S 




J ROUND 
TRIP 

rKcC'JTiOH CrtlLY 


BASE LENDING RATES 

% % % 


AdomX Company — 125 

AM That Bank 5X5 

AJBBank 5X5 

•Henry Aneftoeftar 12S 

Bank ot Brauda R2S 
Banco 0tofloVtzatya_X25 
Bok of Cyprus 125 

Bank of Ireland 125 

Berk of Mia aaouBiiMIto 125 

Bonk ol Scotland 125 

BratfoysBark 5X3 

an Bk of MU East 125 

•Brown Stytayl Co L01S25 
CLBankNadertand..^ 125 

Citibank NA—._ 129 

CtydeedefiB Carfc 1X5 

Hie Cfropetatiwa Bank. 3X5 

CDUIt&CO 5X5 

Cra* Lyorwfia 52S 
Cyprus Poptiar Bonk -.8X5 


-Ou+canLaaflio 5X5 

Enfiar Bank Limited... 123 
RteMira&GenBrak-. 6 
•Ftabrat Ftartng & Co _ 5X6 

Girobank 125 

•Gutanen Mohan 135 

Hat* Bar* AG Zurich. 125 

•Hanbna Bark &2S 

HartablalGenlnvEgLSXa 

mm Santa. 125 

C. Howe 8, Co-, 125 

Hongkong ISMnohaL 125 
■Man Hodga Bonk...- 125 
•LeopdU Joseph & Sons &2S 

Lloyds Sank US 

Ma0n)Bat!kUn 125 

uutendBar* — 125 

‘Mouti Barking 6 

NaMfeaknimter 525 

•FteaBradrars 12S 


* RnutitghoGuararfioo 
Coroorawn Limited N no 
tengomshuteedae 
b banking moButicr. a 
Rop)Efco(Scoiand_ 125 
•SnBBt 1 VMmert Swa . 535 

Standard Chartered — 12S 

TSB 525 

■Linked Bk of KuwSR — 125 
LMyTruol Bank Pic 125 

WfidtamTuat 125 

lM«fimnyLskilBW..~S25 
YortaNroSanh -12S 


WMambsra ol British 
Merchant Banking 1 
SecurtUos Housas 
A a aoo a ion 


Al Open biferaoC no* ran tor pnwuuo dw 


BANK RETURN 


BANKING DEPARTMENT 

Wetkra9day 
May 11. 1984 

Increase or 
decrease tor week 

1 toMMiH 

£ 

£ 

Capital 

14,553,000 


Public dopoeta 

1,127 J2Q1X21 

+457.684X38 

Bankers doposfts 

1.61 9l 062X39 

-184X56X08 

Reserve and other accounts 

2X4*429X84 

•188X78X87 

Assets 

6J06.245X44 

+68X48X44 

Government eacundes 

1X04,192.429 

-7X80X00 

Advance and othar accounts 

3.487X64X04 

+49.715.736 

Promt®, equipment and other secs 

1X07X52.689 

+51X72X38 

Notes 

1440.078 

-6X7*274 

Coin 

178X68 

-4,156 

ISSUE DEPARTMENT 

5,705X45X44 

+68X49X44 

UataBttas 

Notes In cbcubtOon 

17X54X59X24 

-303,125,726 

Notes to Banking Department 

5,440X70 

-6X74X74 

Assets 

17X00X00X30 

-310.000X00 

Government debt 

11X15.100 


Other Government aeetxtUos 

13.981X20,717 

-62X61912 

Other Securities 

3X87.96*183 

247.733X88 


17X80.000J00 -310.000X00 


LONDON RECENT ISSUES: EQUITIES 

Isaua Amt Md. Ctara 


price paid 

P UP 

cap 

(em) 

1994 

Hgh Low Stock 

price 

P 

+/- 

Net 

eOv. 

Db. as 
ow. yid 

P/E 

net 

_ 

EX. 

1X4 

10 

a Abtruet Scot Ufttt 

10 


m 

- 

- 

_ 

- 

Fjp. 1X21 X 914% £14% Ashanti Gold 

£14% 


— 

- 

- 

- 

- 

FX. 

300 

101 

100 Beta Gtobo) Em C 

100 


- 

- 

- 

- 

110 

F.P. 

403 

115 

110 DRS Data a Bse 

113 

-e 

L NZ8 

1-1 

11 

27.0 

Itt 

FX. 

«L1 

171 

160 GF5T Sue 

168 

-1 

mu 

35 

28 

11Q 

120 

F.P. 

41.7 

128 

125 Go-Ahead 

125 


MN4JI 

1.6 

44 

110 

_ 

FJ>. 

21X 

483 

470 Gowtt QtobeJ Smtr 

482 


- 

- 

- 

re 

185 

FJ>. 

41X 

196 

180 Hamteys 

182 

-1 

W4.7 

22 

32 

17.5 

- 

FJ». 

- 

96 

04 toll Btatsch 

94 


- 

- 

- 

- 

- 

FX. 

- 

50 

30 Da Warrants 

50 


- 

- 

- 

- 

130 

FJ». 

683 

136 

122 Kotier 

123 

WNQ4.7 

23 

IB 

142 


f-P. 

338 

15 

14 My KMs Town 

14Y 


- 

- 

- 

- 

80 

FJ». 

24.7 

87 

57 Odoni Mataafar 

67 

-2 

- 

- 

- 

re 

- 

FJ>. 

163 

BO 

S3 Secure Mkranant 

58 


- 

- 

- 

- 

196 

FJ*. 

12.4 

261 

198 Suparacapa VR 

234 


- 

- 

- 

- 

100 

FJ>. 

438 

03 

91 Tampieton lot Am 

83 


- 

- 

- 

- 

- 

fJP. 

3X9 

50 

41 Do win 

41 


- 

- 

- 

“ 

- 

F.P. 

141.4 

104 

100 Templeton Emg C 

101 


- 

- 

- 


100 

FP. 

BIX 1021* 

96 Undervalued Aits 

102% 


- 

-• 

- 

- 

150 

FP. 

4A9 

159 

164 Vyrmn 

159 

+1 

LM4 

22 

15 

114 


FIXED INTEREST STOCKS 


issue 

price 

£ 

Amount 

paid 

UP 

Latest 

Rerun. 

dote 

IBM 

Mgh Low 

Stock 

dosing +cr- 
price 

2 

. 

FP. 

_ 

96 

85 

Craaton Lord 6pc Cv. La 

92 

- 

F.P. 

- 

103 

. 103 

Fiscal naps. 7%pe Ln. 2020 

103 

■ 

FJ>. 

- 

117%p 

104p 

MAI 19pCu. PL 

1D7p 

- 

FJ>. 

- 

103 

102 

Ptonrtgsn 3%pc Or. Bds. 

102 

P Renee. 






RIGHTS OFFERS 





Issue 

Amours 

Latest 




Closing +0 r- 

price 

paid 

Hemn. 

1904 


price 

P 

1* 

date 

High 

Low Stock 

P 


- 

Nl 

- 

3pm 

1pm 

AUust SeoMand 

1%pm 

+4>2 

390 

Nti 

17/B 

Mpm 



«-opm 

Amours 

89pm 

6 

27 

M 

Ml 

1WB 

2219 

1%pm 

7%pm 

& 

ABadRada 

Babcock Inti 

t+pm 

5»apm 

-1 

3 

Nl 

31/5 

8pm 

Bpm 


«pm 

+1% 

55 

M 

- 

16pm 

6pm 

Drift Boaric 

5pm 


500 

M 

2US 

63pm 

44pm 

Derwent Valey 

44pm 

-2 

6 

W 

31rS 

%pm 

wn 

Ffitrum Hklge 

him 


192 

M 

IW 

27pm 

8pm 

Hunters Armley 

6pm 

-fl 

2 

Nti 

24/5 

%pm 

%pm 

Terraria 

%pm 


24 

Ml 

- 

11pm 

10pm 

Ur* 

10pm 


330 

Ffl 

9/6 

43pm 

25pm 

Wtaams HUge 

36pm 

-1 



’n 1 u err 


Are you dealing in over $lm? 
Fast, Competitive Quotes 24 Hours 
on 071 815 0400 or fax 071-329 3919 

1 


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32 


CINANdAX. TIMES MONDAY MAY 16 1994 


NEW YORK STOCK EXCHANGE COMPOSITE PRICES 


DM) ImM 

17$ 14% MR 

13%ALUH*A 
es% 57 %ampx 
73$ 52% AI|A 
5 35a MX 
38% 38% ASA 
SB 3 ! 25% AM®. 
13$ 11% AMUR 
13% 11% Acptncati 
31 24%AXUd 
12*2 10** ACM Gut »1 
*<*% 
mh 


tu. n i 
Ob « e io 
0.49 12495 33 15 14% 14% 

0.18 10 32 00 14% 14 14 

»X ZB 22 830 8*$ 83% 04% 

2723140 55% 53 63% 

13 134 4% 

100 4.6 29 1010 44% 43: 

0.78 18 1710433 29 


ISO 42 

22 

044 19 4 
1JB 10.1 
AOd&flBi 080 OS 
ACMOdSp 098 110 


S 4CUMS8 1.0911.5 
ACM Mm 1.08110 
8 ACM Murngd Q.72 8.7 
8% AmBCbx 
7% Am Baa 
BAcanta 




64 Wll 
31% 16%/ 

8% SAdwattSp 
31 16% A(M Me 



46 11% 11* 

74 12% 12 

SOI 28 
301 10% 104 
12 8% 

171 8% _ . 

414 9% 09% 

131 9% 9 

57 8% 8% 

044 30 13 102 12% 11% 11% 

S 43 7% d7 7 

080 11 14 2100 aa3 ? 28% 

008 40 2 122 8% 81 

110 344 14% 14% 14 
048 20 0 89 18% 18% 15 

100 U 06 51% 50*1 61 1 

100120 10 9908 24 22% 23% 

018 12 7 78 5% 89 5 

010 0OI10 336 16% 818% 16% 
57% 49% tegm AUDIOS 17 11 H8 62% 5B H% 
85% 49% Am*. 2.76 12 a 3059 53% 53% 53% 

32% 26% ASk 046 10 13 856 31% 31% 31% 

20% 18% Mnrais 088 4.9 12 80S 18% 18 18% 

4 1%/Mm he 1 18 2% 2% 2% 

«$ 38% ASPiC 032 20 21 2857 40% 39% 38% 

39% 31%AttmFW* 030 00 21 448 35% 34% 35% 

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1.64 70 11 B33 21% 


24% 21% AST* 

186% 101 AbP(U8.18 
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15% 13% ABnn 
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024 17 151 9% 

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200 8.4 0 3263 31% 

052 20 12 8 17% 

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9% 6% AD Gnt Six 077100 320 7% 7 7% 
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2% 2% An Haleb 075300 8 41 2% 

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120 40 15 5723 56% 

019 12 B 53 0% 

012 14 58 100 3% 

1.40 42 10 113 31 

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030 05 81 4555 57% 56% 

25 430 27% 26% 28% 
094 18 22 7 25 24% 24% 

1.44 17 24 1B2B 53% 52% 53% 



28 



26$ 25% ANRRpePfx 187103 2100 28 

34 23 Annum 16 32 24 23% 

18% 14% Artemy Si 044 19 15 155 15814% 

52% 45AX1CP IX 441 11 150 48% ' 

29 22% ApadnOp 028 1.0 38 1486 
10% 9% ApBt MM Fx 073 74 82 

18% 14%AFH 29 2402 17 1 

7% 5 Appid Mag 1 702 5% 

22% 18% /« PISA* 012 06 31 23 2D 1! 

27% 22$ ArchOnx OIO 04 16 3054 23% 23% 23% 

50% 43% Am Chend X 2.50 5.4 20 20 40% 46% 40% 

51% 47Aim»4SP 4.90 92 3 49% 40% ‘ 

6% 4% Ann 2 3959 5% 5% 

29 23% AnacolIP 210 84 11 24% 24% 

57% 49% AnMWr 128 13 42 617 56 55 

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7% 4%ArtalSp 2 111 5% 4% 

33% 25%AnSihd 078 18 14 687 26% 25% 

27% 21% ASnmx 040 1.8 78 1717 25% 24% 

31% 25%AttdCMx 040 IJt 10 19 25% £5% 


1.00 27 132441 37% 


S h 34 Add 
25% 1B% AeiaPac F 
1% AnatSM 
31% Aa HI Got 
57% 49% AW 
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112% 92% AIR* 

10 4% Attsa I 

30% 25% Mum Engy 086 11 13 
12% 8% AtSmh ADR 048 571 4 



18% 18% 


24% 17%/ 

12% 9 Annin M 

55% 47% ARID 
14% Ammo 
19 HAM 
45 33% Amt 
61% 48%A*onftx 
14% 11% AytaiCOtp 
7% 5% MU 


027 14 136 16% 

020 74 1 707 2% 2% 2% 

OI2 03 23 19 35% 34% 34% 

IX 15 17009 53 52% 52% 

180 1.1 2 248 248 248 

108 58 15 100 35% 35% 35% 

028 44 8 51 6% 68% 8% 

1.54 82 10 488 18% 18 1B% 

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040 10 2* 383 2B s a 19% 20 

010 14 305 9% 0% 9% 

OS 14 22 1177 aft:. -Si; Sifts 

044 18 11 13 15% 16% 15% 

DO* O 3 229 14% 14% 14% 

080 14 17 2472 33% 832 32 

140 11 18 737 58 57% 57% 

11 14 12% 12 12 

24 2025 7 6% 7 


38% 34% BCE 168 

7 BET AM 015 
3BsSnm 020 

. 16% Qatar fatal 040 
22% 17 BteurHx 048 

27% 22% BMW Be 
30% 24%Ba*H 
15% 11%BWUd 
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25% aFiaaGE 

19% i3%Bma*cp 

35*2 30% HncOne 
20% t9%6mfWa 
25% 20% BMC06IV 
M% 9% 

32 27 

1% 1% 

63%49%EM*B 
48% 38% BanhAm 
90 86* j Bank BaR x 548 
26% 22% MAI 048 
49% «% BkBosBiPx 304 


9% 49% BonMY 120 
0% 47% BarhAraAx 325 
95 84% BnWIn 0 x 600 
0«% 64% BMlTd 300 

38% SOBttqa 129 

m% 72% Bara (CD 058 
34% 29% Barnet Qp 1.40 

48% 39% BaiA 1.44 

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53% 42% tea* 098 

25% 21% am 1 00 
28% 23% Bay Si On a 148 
22% 10% Bd Tr1838 1.72 
73% 1 7% to Sbin 1 047 
50 48% BeafSOW 243 
37% 27% Beartnpax 164 
26% 23% Beaman la x 0.40 


- B - 

74230 613 34% 034% 

10 31 32 7% 7% 

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14 15 17% IB' 

13 48 4706 19% 10 

1.7 22 206 23% 23 

12 24 96 28% Z7% 
04 17 177 11% 11% 

12 1455 7% B" 
70 11 2235 21% 

14 29 143 19% 

40 1016830 31% 

10 70 28% 

8.4 8 2S2 24 

17 S 131 10% 10% 

13 7 104 31% 30% 

45 84 1% 1% 

1.4 17 138 61% 50% 

15 912968 47 45% 

84 ZIOO 87 87 

15 11 2S44 25% 24% 
68 11 48% 46% 

40 9 1150 55% 55% 
68 27 48% 847% 

72 48 64 881 

5.4 5 2831 88% 64% 

44 94 66 32% 32 

24 a 832 25 24 

4.1 49 25 1134% 34 

12 II 22B2 *S% 45 

0 5195 2690 10% 0% 

11 18 689 47% 47 

19 36 7293 u2S% 25% 

11 14 181 24% 23% 

12 18 21% 21 

18 5 1076 19% 19% 

57 2 49% 49% 

24 22 285 32 31% 

1 7 10 224 23% dSS 






a THE 

TRADE SHOW 
FOR AVIATION. 



Internationale Loft- ond 
RaomfahrtausstellBBg 
28 .Md bis S.M 1994 
in Berlin- Brandenburg 

Plane contact for further Wtmmitkm: 

Messa Berfn GmbH fox 49-30/30385097 


40% 34% ROW 
7% SBhffr 
59% 49 Bel/W 

19% 14% Bel Si 
63% SSBMSSl 
55 45% Bah A 
24% 20*2 Bands 
89 50% B*netl3P 

S 40% 34% Banal 
38% 29%BaMMA 
ijBanamtB 
14%Beig0rx 
lEBSOinm Bartfl 
9% BBanyPur « 
37% 18 Bed ft* 

28% 28% Ban St lx 
55% 51 % Battern Fix 
24% 18 Bans 

53% 42% Betz L 
16% I2%8ai£nt 
21% 13$Btocraft 
32% 258Mnp5 
22% 17% BDadc 
22% 20%BU(HFLX 
10% 8% BUnkAda x 
iBUodmcx 
iBSfctkrgtx 
'Block 



81% II 
34%: 

S8% .. 

33% 22% Bthhartni 
59% 50%BMySq 
74% 58l 2 6fAS 
54% 42%M6» 
73*2 55% BP 
27 1Q%BPPru*K» 
23% ISBSMd 
71% 54% BT 
28% 22% BSlynU 
38% 32%8nmep 
8 BESamSti 
91*2 83% BmFlPfl 
30% 24% BiFarr 
4% 3% BUT 
25% 17%Bnaa* 

17% 13%BnabHM 
41 35% BudnyePtx 
18% 14% BwdnrHi 
17 15% BurgerKi 
28% 18 BuM CM 

66% 52% BOW 
49% 41%BurhAHC 
19% i7BnmmnFe 



35% 28C8IX 
30% 289 CBS 
% AffhcUa 
25 20% CMS En 
82% 62% CNARi 
90% 44% CPC 
17% 14 CPI Cop* 

92% 72% CSX 

CIS Cop 
COdaSMn 
COdaiion 
56% 46% CaboC 
23% 18% Cabot 08£x 
15% 10% CadnoaOtgo 
99 4i%CaaaanW1 
2% 1% CriflME 
15% 11% CHgan CM 
19% 15% CaEngy 
15% 9% CM Fad 
25% 17%06ontCD 
42% 36% CaqddS 
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18% 14% CBdPK 
749 BOS CapCS 
38% 28% Cap/id 
14% 12%QnU1J2Sx 
37% 24CapMd14 
42% 25% ChMd Mge 
22% 15%CvemM 
35% 30%CMCDX 
19% 18%Cam*na 
H % CandcoPc 
13 9%CaraSnFr 
30 23%CbP8L 

S 56%Q*fiTx 
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18% l5CamaN6 
10% 7% Cash Am 
121% 88% cat* 

18 10%caca>p 

38% 32% cam Pair 

S i0% CnaEn 

25%0MBX 
30% 2S%CenSHdn 
25% 2l%Cmr LM 
IS 10% CaiarMMa 
30 24% Dew (hop 
22 i6%Cmar\*iw 
30% 21%CanEMx 
27% K^Oanwyii 
24% 18%Caitti 
36 280*14*1 

12% 9%Oap*nal 
15% 10% Chart Haa 
51% 40% OanM IVx 
38% 30% ChaaeM 
3% IHOmunB 
16% 10% OickSy 
12% IZOaniBkC 
34% 30%QMBMd 
42% 34% ChamBk 
11% 7% Chan Waste 
27% 22% Chesapeake 
94% BZ/zChamix 
56% 41 % OMS Find 
19% .11% CidqBr 
8% 6% Chock FoO 
37 320fifl 
32% 24% I 



020 14 10 
170 72 11 
140 44 14 
033 14 38 
098 03 14 
045 04 17 


63% *4% DapS 1 
83% 70% Chutd, 
70% 57 dona 

9% 7%ClmaHI 
37% 30% dcorpil 
18% 15% Chn M 
27% 21 CSX GM 


3% 2% CSxpiaxO 
38% 2fi% OpSCOX 

23 10% omtet 
40% 24%OnaaO 
44% 36% CISm 
20 % 25CB0B9.12 
98 B5CKpPCMdx 
mil 97QcpPt3AdX 
17% 14% CQnUi A 
18 HCtznUBB 
10% 7% CXyltnd 
23% !2%CUmSt 
89%50%C&xtdEq 


26% 13% Ozytnrtn 
11% 9%OaoMda6 
afl7S*2Ctave748 
46% 34% OnrCS 
86 77%Oa<rtdBx 
55% 47Q0RB 
28% 22% CM Mad 
13 io%CNASxonia 
18% 13% Oarnm 
17% 13 COM Star 

33% 27% CoaM 
44% 38% CaaC 
19% 1A CocaEn 
23% 16% CaaurOMn 
28% 25% Cabman 
65% 95%CeioPa 
11% 0% Colon shx 
8% 7% Goknai H 

7% 6% CohvWI 

S 7% CotodalM 
21 % CoiGaa 
45 M 37% CoNCA 
24% 17% Ccndbco 
28% 2S% Cooadea 
24% iSCondnue 
29 22% Comol Met 
3% SOonmodore 

28% 23%CanmEdl.42 
25% 22% OamnEdlS 
26 23ComBCd240 
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19 13 Comiui Pay 
113% 72% ' 

1 % £<««■ 
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42% 3l%CnpSd 
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3® 20% Dotttaix 
20% 25% OlAsrax 

31% 23% ConnatJHG 
M 200nwdEn 
20 % 12%CMnarf% 
71% 60CMM&44S 
32% 37% CtraEdx 
75 60% Chn Ed PI 
29% 21% MM 
47 38%CnMQ 
89% S2%CnM 
20% 14% Con Store 

66% 49% ConaKO 
60 S5CPW4.18 
100 85% CPw 7.4S 
HD% 98% CM 9748 
12 % 7%OontMadfc 
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27 CMBSP1A 
35% 25% ContBlc 
28% IftOHffiD 
10% 8% cmno 
u% io%cnuHPf 
7% 5% CtxnecCaa 
1% A Cooper Cos 
52% 35%Cnoph 
29% 23% Cooper TW 
15% 10% Core hd 
27% 24%CMflt 
33*2 27% Osnog 
18% 12% Coimttr T* 
19 l3%0DmyCr 
11% r% canny Mr 

17% 15% CouaSUT* 
12 % 11 %QM 0 
29% 24% CU 
17 14% contort* 
33% 19% OajrR* 

47% 36%0«pn 
12 9%cnM 


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240 07 13 740266% 278 285 
010417 0 90 H % % 

072 34 11 508 21% 21 21% 

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1.36 10 15 2847 46% 44% 

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1.78 14 21 379 73% 

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23 5571 03% 089% 

144 11 24 378 48% 40 

016 07216 279 22% 21 

893 2458 14 1* 

10 2983 41% 

020100 2 5 2 2 

018 14 27 223 12% 12% 

16 229 16% 16% 

0 3223 11 1Cf*s 

040 13 49 158 18817% 

1.12 10 15 602 37% 30% 37% 

25 1115 % % % 

042 II 58 4154 18% 14% 19% . 
040 OO 25 125 721 710 721 -1% 
040 17 91798 29% 29% 20% 

148 94 53 12% 12% 12% +1% 

140 07 7 24 024 24 

332114 7 144 

181543 1! 

072 24 17 16 32% 32% 32% 

12 48 18% 18% 18% 

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44 11% 11% <1% 

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61 60% 59% 80 

78 22% 22% 22% 

29 15% tf14% 15% 

34 8% 8% 8% 

040 04 18 3217 108105% 107% 

38 90 14% 14% 14% 

240 84 11 182 32% 32% 32% 

040 7.4 1 880 10% 10% 10% 

040 07 11 1437 27 26 27 

2.06 74 9 IB 28%d26% 28 

1.40 64 12 110 22% 22% 22% 

040 84 8 283 11 10% 11 

048 1 J 23 289 38% 28% 28% 

1.42 94 9 20* 15% d15§ 16% 

1 JO 74 13 1870 22% 21% 22% 

04Z 14 19 678 28% 25% 28% 

B3 455 23% 23% 23% 

040 07182911 29% 28% 28% 

040 11 88 117 9% dB% 0% 

25 15 12% 12% 12% 

345 01 6 50% 60% 50% 

142 34 10 6409 35% 34% 35 

1 80 2% 2% 2% 

94 280 15% 14% 15% 

006 54 0 832! 1712% 12% 12% 

104 01 19 82 33% 32% 33% 

142 44 6 7910 34% <03% 34% 

020 24 5 1387 8% 8% 8% 

072 24 56 555 2S% 24% 25 

370 44 22 7587 88 88% 88% 

145 33 33 43% 43% 43% 

020 14 282 13% 13% 13% 

79 89 7% 7 7% 

6 250 35% 34% 34% 

45 74 32 31% 32 

080 14 617101 45% 44% 

144 14 20 548 78% 77% 

344 47 19 1517 65 63% 04% 

040 107 331 8% 6% 6% 

140 11 11 115 31% 429% 30% 

040 44 10 245 16% 16% 16% 

1.72 64 71 <38 21% 21% 21% 

048 1.7 16 587 21% 20% 21 

337 1775 3% 3% 

240 7.7 10 274 25% d2S% 

008 05 13 2011 18% 17% 

19 6338 25% 24% 

040 1.8 944121 37% d36% 

228 9.1 24 25% 25% 25% 

840 74 B 85% 85% 63% 

740 72 Z100 97% 97% 97% 

21 272 15 14% 15 

142101 7 392 IS 14% 15 

064 85 28 1065 10% B% ?% 

012 04 12 756 14 13% 13% 

28 275 64% B3% 84% 

19 887 20% 20% 20% 

047 54 83 10% 10% 10% 

746 94 zSO 78%d78% 78% 

140 U 7 433 34% 34% 34% 

7.40 9.5 2 78d77% 

140 17 15 2Z* 48% 44% 

030 12 11 21 26 24% 

148103 57 10% 10% 

024 17 8 48 14% 14 

040 10 14 1071 13% 13% 

040 1.4 26 4313 29% 28% 

078 24 2316807 40% 39% 30% 

045 03124 239 16% 16 16% 

015 04 20 312 18% 17% 17% 

21 105 26% 28 28% 

144 18 16 2591 67 56% 56% 

10 10 10 

8 7% 8 

8% DS% 8% 

751 

38 


Si 




ts 


070 74 12 

043 74 172 

070 104 197 

058 74 143 

132 84 9 928 

012 03 46 3449 

036 24 6 631 16% U 18% 

M2 19 10 1224 828% 28% 29% 

068 19 17 99 24% 23% 23% 

19 22% d22% 22% 
510 3% d3 3 

4 24%d23% 23% 
9 22% 22% 22% 


+% 



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0 

1.43 84 
140 94 
100 84 3 
1 90 7.1133 1415 
038 17 23 m « 

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1 454 

0.14 OS IS 2S43 

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074 14 12 488 22 21% 21% 

072 15 17 387 28% 29% Mh 

1.48 8.1 13 33 24% 34% 24% 

138 6.1 15 53 21* " ■ "■ 

18178 I* 

4.85 74 3 ( 

240 7.4 1010008 27% 1 

540 74 8 67% 1 

30 3832 26% 

1.84 S3 18 2295 37*. 

130 15 19 2413 53*. 

18 3535 15% 14, .. 

058 09 S4132 83% 51% 52% 

4.18 74 2 55 ©5 56 

7.45 84 2 88% 88 88% +1% 

748 94 2 89% 80% 99% 

23 677 9% 9% 9% -% 

175 74 3 50% 50% 50% -% 

125 91 20 27% 27% 27% 

040 1.7 8 1483 u38% 35% 36 +% 

140 SJ 7 7505 17% 17% 17% +% 


21 % 21 % 
12% 13% 



004 04 
111114 


164 


1 2517 6% 

1 338 01% 

142 10 13 1018 38% 

022 09 202234 25% 

044 12 10 24 11% 

140 45 10 1700 26% 

048 114872815 32% 

0.1Z 14 31 12% 

042 24 519771 16% 

044 04 461387 7% 

068 5.4 35 89 18% 

8 70 11% 

075 24 15 320 20% 

050 13 H 6 16% 

8 835 20% 019% 20% 
1.80 14 13 445 47% 48 40% 

1.10104 13 175 10% 10% 10% 



15 15% 


1 Low Stack 

. 5%Q0Uqlto 
18%Chsap*)nMx 
33% CranCS 
9%C8S3STX 
I % DyUOBr 
28% CUC W1 
! 13% atom 
6ECmuEn3J 
ift ( Cunidh 
1 11% Caisoth 
’ 33*2 CrMh 1 
9CVMt 
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25%cyp*mx 

12% cm* 


1H. ft lb 
BS « E m 
052 94 8 87 
048 IB 18 820 
17 2081 
012 1.1 32 86 
008144 D 82 
37 32SS 
080 64148 19 

mu is 

050 14 8 70S 
098 84 13 13 
140 34 57 6 

IOB 105 7 14 
7 372 
70 3280 
040 24 15 3919 
1045 



2i% iB%on.Mddgx us 
31 15% MU Son 
S1% 52% Dana 148 
4Bi a 30Dntarcn 012 
13% W%0MMU 018 
10% 6%DnaGn 
7% 4%0ataposn 
8% 6% Darts WWS 040 
80% 64% Dayen T48 
2 1 DOLE! 

8% 8 Do Sob 0.14 

26% Don Food* 064 
31% DanMO 040 
7% OwnWOr « 04D 
00% Dm 100 
1% %1MMF* 
ISDaSnPL 
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144 

040 

040 


1.44 

7.45 
748 
246 
088 
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040 


048 

048 

040 

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OlZS 

028 

046 

002 

240 

084 


12% 9% MU (Had 
2% % Mbm 

38 26% Oakn 

101 90MSH745 

102 91% 0*61748 
30% 24%0*b£d 

29% 22% Denar Op 
20% 17% Dbg Pinto 

47% 30*2 DMM 

30 24*a nafnendSh 052 
15% 0% Han Cop 
42% 340Uxdd 
38% 18% OWE 
37% 32% DM 
0% 7%0SaoSwNlf 
48% 38%DUney 
39% 26% DoMFdx 
45% 38% Dondhs 
0% 5%DombrSK 
25% 21*2 DoraSaai 
31% 2S%0mdyx 
86% 54% Dow 
66% 56% Dm* Dl 
41% 35% DmiSM 
20% 17% Dowwf S8LX 048 

103 970PL7J75 778 

34*2 29%D(E 148 

28% 21% UPepTUki 

13% 10 Dram 042 

24% 20DKM 088 
51 44%Diayba 178 
10% 8%DrtnFUSx 045 
11 9%MnStGx 040 
11% 9%Ddb*SIUx 073 
75% 70DUPMA5 450 
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84 XDuftil 240 
59% 46% DuPont x IJB 
29% 27% DuqL4.1 248 
27% 25% Dnqsnal75 148 
29% 27% DnqsnoA.OO 240 
29 27DoqL44 119 
29 28% DB0U4.I5 108 
100 93Dn0L74 740 

44% 36DBat*B 048 
10% SDMMhSr 
18 iSDymafca 020 


- D - 

8.1 13 2319 19% 19% 

18 280 18% 17% 

12 19 763 53%d32% 

04 21 37 39% 39% 
14 29 15 11% 11 

2 131 7% 7% 

<2078 5% 6% 
24 77 2 7% 7% 
11 17 4398 79% 77% 

1 1682 1 d% 

13 3 19 6 dS 

22 17 88 29 28% 

14 10 8868 39% 36% 

74 863 7% 7% 

18 

84 _ 

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34 15 481 12 11% 

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11 ZIOO 92 02 

84 MO 91%d91% 
84 7 992 24% d24% 
34 17 1* 24% 23% 
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FINANCIAL TIMES MONDAY MAY 16 1994 


33 


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NYSE COMPOSITE PRICES 


NASDAQ NATIONAL MARKET 


■iom cbse May 13 


IBM 

H*k law Eta* 


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20 192 35% 35 35 -2 

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120 21 23 2785 E7b 58*2 56b -% 

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17 15 14b 15 *1 


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022 07 31 1125 31b 30b 30% -h 

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30 3833 23b 23 

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27% 19b Stop Shop 22 198 25% 25' 

15 13% SttQi 084 16 16 70 15 14 

41b 25 90701 8 9178 28b 28 

32 22% SNin 38 421 27% 

18% IfSkUBRA 038 IB 10 411 13% 

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5b 48Uint6 - 024 4.4 5 107 5% 5% - 5% 

7% SbSulEMflr 028 4a 57 15 5% 5% 5% 

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49 41 SUM 1 JO IB 17 300 48% 45% 45% 

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47b43%SUM 13 8 2.7 12 496u47% 46% 47% 

l*b 11b Shut food 038 10 13 40 12b 12 12% 

46% W&jpato 012 04 21 901 31% 30% 31 

40% 30b&4Ml 088 25 12 1823 32% 31% 32 

20 11% Bug Cm 018 13 15 10M 13% 12% 12% 

23% 008 04 154 19% 19 19% 

27% ISbSfrtsrrac 53 149Bu27% 2Bb 26b 

10b 7% SjomCap 10 103 8 7% 7% 

19b 16% SpnFn 045 25 15 569 l7%me% 17 

23% lZ%9ptax 154 4.4 12 4373 23% 23% 23% 

29% 345*01 038 15 21 1888 25 24% 24% 


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6% 5 TOY Ector 020 16 22 155 5% 

^28]? TO tone x 150 11 10 242 32% 3 



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46 

020100 0 132 2 1 

058 2A 14 3230 23% 22 



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153 105 15 2G7 \V z <Mh 15I1 .% 
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Am Mea a 12 550 9b 08% 8% -% 
AmSldlM 032183 725 5% 05 5% 

Amfrtwyj 321380 19% 1B% 19 -,‘a 
AmGriA 050 162388 28% 27% 28% +% 
ArnhW 2 480 l£ T& 1j5 +j\; 

AnMn £20 7 88 49 47b 48b +b 

AmPmCuw 3715727 2D%018% 20 

Am D» 10 238 13b 13% 12% -% 
Amoenlnc 1715*33 45b *4b 44% 
Anwdift) OO0 3 2694 19 17b 18 

Amvfta 4 85 9b 9% 9% 

Anatooic 14 47 IS 15 T5 
Anatata M» 1* 27 17 16b 17 

AnanceMm too 14 70 17% 17 17% 

AWhaw Cp 20 3*09 35 32% 35 +% 

Andros An 8 338 15% 14% 15*4 +1 

Apogee Eh (030 24 155 12% 12 12 -% 

AFP eta 10 278 7 8% 7 •*% 

AtadMto 2015407 44% 41% 43% -1% 

AWtaC 048 26 8244 30*2 29*4 X 
ADPtaMto 00* XXII 10 14% 15% «b 

Aitxx Dr 024 X 27 17% T7b 17*2 -b 

Aicfea* 033 21 1974 26% 27 28+lb 

Argonnxx 1.10 7 13 Z7% 27% 27% 

Armor AJ 084 20 18 20% 20% 20% 

Arnold In* 040 17 726 X 19% 19% -% 

ASS Grp 2 166 9% 9% 9% -% 

AdpactTel 23 2482 28%02S% 2S% -b 

AdsneCUma 255 » 23% 22% 23 +% 

ASTfterch 318892 16%0T4% 15 -1 

Addmon 14 13 8% 8% 8% +% 

Ad SEA*- 032 191617 27 026 26% -% 

Airtdsk 048 20 522 52% 51% 52% +% 

Auatao 12 81 3% 3% 3% 

Airuxtato OB2 15 5 7% 7% 7% +% 


W U 

Start h. E IHl HU W U Dug 

OeS Shops 020 21 18 7 7 7 

DektaEfl 032 21 10 14% 14 14 

DetefeGft 080 47 fi* 32 30% 32 

OtoctoniB 044 II X 21% 21% 21% 

Dal Comp 2319279 34b 22% £4% -1% 
OotaJStoi *01618 in 15*4 is 15 

Empty 31 496 Mb 35b 35% 

Dtp CRy 180 7 318 28% 28 78b 

020 4 51 u9% 8% B% 

15 399u19% 19 19 

032 6 838 14% 013% 13% 

13 1539 13% 13 73% 

4 307 fib 08% j J, 

7 169 r 8 tb 1"| -% 


Ok. E 1DDB Mp U> Uto Ctof 


Dnctn 

DHTeeh 

OttdB 

Digikfl! 

DigUero 

UgSUBd 

DlgSta 

turasCp 


% 

-% 


-*2 

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7 377 3% 3% 3% +% 
15 1M 33% 32% 33b +% 
DtfleTm* 02Q9S 1*6 9b fib 9b -% 

DNAPfafd 2 579 4% 4 4 ■% 

Data Gn 020 24 1502 25% 24% 24% -% 

OucfiHtn 068 14 9 13% 13 13 -% 

DreooEngy 13 295 9% 6*2 9% +% 

DressBun 13 562 11% 11% n% 

DreyGD 02* 192416 22% 21% 22b +b 
Drug Empo 006 42 412 4% d4*a *30 -31 

bS Bjncsr 189 17 1« 31% 31 31% 

OutadX 04J 11 336 15*2 15 15% 

DurFW 0X24 8u33% 32% 32b 

Dyrn&Bi 12 151 18% 17% 17^ 


- E - 

EaglrPd 8 X 4% 4% 4b 

Fatal Cp 2 319 4% 4b 4% *1, 

EtaEmor 2 2D 1% 1% 1% 

BO Tel 018 206141 17015^ 16*a 

Egdcad 651070 8% 7% 7i* 

BPaajB 2 104 2% 2ji 2% 

EtodrSd 10 955 10% 10b 10% 

dxBX 075 X 72 55*2 55b 55% b 

BeOArre 2111474 18b 17% 18% 
EmconAxs 21 27 7% 7b 7b 

EoutoxCp 27 1442 6% d 6 6% 

E ngyV iHB 49 nx 13% 13% 13b 

EnvkSto Si 65 »J» 1% 1% ^ 

EnzuiK 23178 3 d2b 2% -% 

EqudyQI 010 19 286 3% 3% 3% +% 

Erktoflx 05773515702160^ 46b 40% +2% 

BUd 17 8 d8 8 

E*naS#i 77 X 17b >7 17 

Extoiyla 195*71 I5%di4% 15% 

Etaadtxff 12 IP 8 d8b 9 

EddeBec 15 409 Mb X 20% 

•HI 010 Z1 486 18% 16 18% 

EzcupAmi 19 79 12b 11% 11% -% 


- K - 

K Sew 008 12 106 22% 22 22% 

KanunCp 044 5 <0 9% 9% 9% 
feraxi Cp 040 14 1088 a £2% 
KeoryO.l 
KMtSv 
K entucky 

kjnduil 
frvehner 
KUkHr 
hnontadge 
IUIA 
Kanugtac 
tallies 


5 4M 5 ? g iB* 2 5% -% 
064 22 67 27 36 28% 

Oil 11 9 6% 6% 6% 

13 21 24b 23b 24% -b 
« 9 6b 6 6 -% 

473045 37% 35b 35% -2 

51499 10% dig 10 
1 63 }i Ji il 
1795581 10b 18 19b +% 

8 787 1 3b 


13 13 


Ftl Grp 
FaiCp 


FHPtad 

Rbnadcs 

RRhThra 

RRyOn 

RatoA 

FQenm 


- B - 

BEI B 006 IB TO 8% 6 6 -% 

BsHugas 8 X 9% 9b 9% +b 
BakerHWT 25 uA A & 

Bator J 006 13 1483 21% 20% 21% +% 
SkfwilBx 024 3 3 14 14 14 

Banoec 18 250 Mb 21 22b +% 
MiSuiti 044 11 1517 18% 1B% 18,; +,’« 
Bartanfti 040 9 235 18 17% 18 -% 

BanknuVi 060 11 33 18*2 19b 19% 
BattWuES 020 28 zlOO 33% 33% 33% 

Bate Geo 052 17 402 34% 34% 34% +% 
Bxrsci F x 080 14 182 X 25*2 25fi +A 
Bay Mew 080 11 75 21 21 21 +% 

Baybtaux 1.40 133220uU% 60*2 59% -b 
BB4TR0 IBS 9 52 29 28% 28% 

BE Aero X 124 8b 7% 8b 
BraUKos 028 2B 10 13b 12% 12% 
BanUaiy 14 75 15% 15 15 -% 

ButdeyWH 044 14 07 Xb 38% 38% +% 
BHAfrp 012 14 20 9% dB% 9% 

a me 102 137 5% 4% 5% +% 

BTgB 012 16 77 11% 11% 11% +% 
BkidayW 008 13 35 11% 11% 11% -% 
Btogen X17X 3*% 33% 33% -% 

Btatnto 171634 10 9% 10 +% 

Bock Dig 1.04 11 X 31% 31 31 •% 

BBC Soft* 173780 55*2 53% 54% -1 

Busmens 134 10 2332 33% 32% 33% +% 
BobEnruxQ27 18 373 20% 20% 20% 
Booto&B 14 2l0u2B% 28% 27% +1% 

Sertnd 2010200 11% ®% 10% +% 
Beaton Bk 078 5 216 31%d2B*2 29% -1% 
Boston Tc 56 1186 12% 12% 12, ; 
BradyWA OBB 16 ZlOO 46 46 46 -1*2 
Branca OX 23 85 10% 9% 10% +% 
BnmoSx Q24 151455 7% d7*» 7% +,*, 
BSBBncp OX 8 152 u26 2*b X+1% 
BTSfteng 048 0 12 3% 3% 3% 

BUM) 29 7583 18% 19b 19% +% 

BUJdasT 23 23 13% 13b 13% -Jh 
Bur Bam X 744 8% 8% 8% +% 
BuWfleasR SO 154 32*« 31% 32% +% 
BUterttog 5 23 22% 22 22 


- c - 

CTaC in 24 25% 025% 25% 

CaMMad 9X6% 8 8 -% 

CadSctoapa 181 17 11 X% 29% 29% +% 
CadnusCunO20 18 X 1*U 14% 14& -f, 
+% 

+% 
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- F - 

11 43 5 4% 4% 

024 14 26 5% 5% 5% •% 

00* 47 2QES X% 023 Xb b 

14 1159 23% 22% 22% -1 

3 174 3% 2% 3 

IX 16 394 u53 52% S3 

5 475 3*2 03% 3% 

024 0 572 9% 9% 9% 

X 876 26*4 25% 25** A 
FtoAtoama IX 12 1852 35% 35% X% 

FhtoAiDI 084 31622 U3S 31% 31% 

FtoBcOtao 094 10 7 24% 23% 23% 

080 21 IX 24% 24 24% 

FtoSedy ISU 11 211 X 28% 28% % 

FtoTeu* IX 9 531 41% 41 41 -% 

MWestn 0317 31 a!’ 8% 8% 

052 10 374 Mb 22% 23% 

IX IT 4 45% 44% 45b 

41 IS 7b 7% 7% 

251680 20% 20% 20% 

15 601 5% 5% 5b 

0X 151444 5% 5% 5% 

000600 205 6 5% 6 +% 

IX 10 64 31% 30% Xb -% 

15 70 15% 15 15% +% 

FTunaBWK 030 31 8 32% 32% 32% il 

Fata A 
Rth All 
Fa Eaton 
At Rid 
FtoHanU 
ftdariB 
ndtaoi 
Ann 

RdmedADB 


- L - 

Ladd Fun 012 52 63 9 9% 9 +% 

Umftssti 394083 X X% Xb -1 

Lancaster OX X 245u*6% 45% 46 +% 

Lance he 096 1 7 193 16dl7% 17% 

Lamfinhoph 40 M5 ji% 30% 31% 

tarmacs 10 60 8b 7% ??„ 

Laserstpe 67 212 6% 5% 6 ,% 

Lanh»5 13137i 16*4 15 15% 

IwmPi 0*8 16 302 a 22 2Tb 

UfflS 242133*7 1T%<U6% 17 ■& 

101ft) 016 7 3 Sb d5 5b 

Leettw 14 609 12% 11% 11% 

Legem Cp 17 2629 20*; 27% 277, *1 

LtatytoBc 078 13 2 62 37*2020% 26% 

UWTedi 03) 14 50 16 16 16 

Ufa™ ?i 50 4 * 4 

LOytadA 028 23 45 2*b 23% 24 b +b 

LhiB- W I7411?%ii1%inb 

Lma*i T 052 14 281 14% T4b 14% 

UnasyM 14 M3 33 Xb 32*2 -*< 

UnaarlK 024 37 2217 47b 45% 45% -1% 

U94BQC OX 18 23 38*4 35% 35% 

LoewenGp 006 26 578 22b 22% 22% +A 

LereStar 23 799 7% 7 7% .% 

uaso 4711330 60 57b 59% -% 

LTXCp 21 196 2*2 2b 2b 

LV»1 035 4 65 31% 31% 31% 


- M - 

MO Cm OR 2023672 22{J 22% 22% -% 
MS Cta( 17 1330 19%d19% 19*2 

Mac uaz 060 42 20 13%di3*2 13*2 

UidsanGE IX 14 56 33 32% 32% 

Magma PWT 1« 569 31% 30*2 31b -% 

tape Grp *076 H *618 18*4017:1 17% -% 

Ujita 12 699 8% B 8 -% 

Marcam Cp 26 46 10 9* 4 9b -b 

13 483 5% 4% 5 % 

9 X 41b 40% 40% ■% 

I X 2b 2 2b +b 

19 25 8% 8% 8% +% 


Aw> hi 
FoodLA 
FuaU 


X 648 3% 3b 3,». +& 
IX II 1706 28% 2Bb 26% +% 
1.12527 1591120% 26% 26% 

040 8 32 16% 15% 16% -% 
1.18 11 1351 1)27% 27 27% +% 

OX 22 695 35% X 35% +% 
OX 14 X U27 X 26b +b 
02* 18 3 14%d14% 14% -% 

25 6 5% 6 


Caere Cp 

127 

441 

7% 

7b 

7H 

Crtgsne 

£25 8 3216 

T2% 

11% 

12% 

CWUcro 

18 

114 

19% 

19 

19% 

Caabfln 

1 

522 

1% 

id 

1A 

Cantate. 

2 

61 

3% 

3% 

3% 

Cum 

0 

16 

1% 

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080112 

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mb 

mb 

m% 

Csnade 

1 

231 

3 

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ChnM 

Ott X 

144 

46% 

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CarteflQa 

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13 

27% 

27% 

27% 

Cascade 

080 19 

435 

21% 

X 

21% 

CaseyS 

OOB 18 

232 

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11 

11% 

CMgane 

4 

IX 

6% 

dBb 

8% 

Cettta 

8 

334 

19% 

18% 

19% 

caicp 

18 

38 

12% 

11% 

11% 

CatteTel 

302 

160 

11 

10% 

10% 

Cudoair 

5 4617 

12% 

11% 

11% 

CBriRd 

1.12 11 

545 

31 

30*2 

31 

CahlSpr 

22 

11 

11% 

11% 

11% 


- o - 

611 App 8 X 4% 4% 4% -% 

GBXSenr 0117 21 8 14% 14 14 

Gamna o 37 3& ab 3b 

Camel Ba 13 16 4 4 4 

Goto Cd 01618? 52 8% 6% 8% -% 

God Skid 040 17 422 16% 16 16b +b 

Geteyto 17 X 4% 4% 4% 

GantoaRi 51672 13% 13 13% -% 
• ft) <00 421701 27b 25 X -1% 
Qarutoc IS II 4% 3% 3% 
Ganzyma X11X29%S%2B% -b 

Gfeaona 040 11 213 19 18% 18% 

OSL 012 17 394 23% 22% 23% +% 

GSWtAx OX 18 14 17 16% 16b 

SshBkn 11 8 5*4 5% 5b 

Good 6t0to 15 1308 12% 11% 11% 

XtatoFinp OX 18 1207 S% 20% 20% +% 
GrataSm 35 9 2% 2% 2% +ft 

Santo OS X 3 S% 2D% 20*2 
ftaanAP 024 ID 7 17% 17% 17% 
GnwrcftPIl 03420 % % % ♦% 

Aesanuis 1 317 3% 3% 3,i -, 1 * 
andWr 718 31 14% 14% 14% 
GDCUP 8 IS 11% 10% 11% +% 

GMIYShB 519X 9% 8% 9 +% 


4% 

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42 47 u8% 85 8% 

15 356 1O%01O*2 *0% 4-% 

1 290 % d% % 

12 5 3% 3% 3% 

8 533 4% 4% 4% 

X8330 Xb 05% Xb +1% 
IS 12 97 S2% S2b 92% -b 


Ctondta 8 5 4% 4% 4% 

Chapter 1 * 000 7 218 20% 19% 19% 
Qam5n 0X 13 4157 10 d8% 9% 

QtoBKtogn 
Ctwtaab 
Chanta 
Chatnpower 
ChtaBTa 
Chiron Cp 
OnnFta 
Qnaslto 
□mSLgc 
CC Tech 


- H - 

Hading A 54 11 8% B 6 

tarfewyid 064 8 zlOO 21% 21% 21% -b 

Harper Gp OS 12 67 14% 14 14 -% 

IBQ(C0 016 2*63*8 23*4 X 28% -% 
183662 20% 19% 19% -% 
OX 18 303 11% 11 11% 

HaaOhdyn 10 432 7 6% 7 +% 

11 549 7% 6% 6% -& 
Hedttga 016 S 3664U16% 15% 15% -% 
Heidm| 32 II 10% 10% 

HetaiTroy 8 77 14 13% 13% 

072 14 2588 21% 20% ZD% +b 

HoganSya 015 S 2» 9% «* 2 9% +% 

Hotatfc 46 53* 10% 10 10% +b 

HonaBwd 080 8 HOC S dS 20 -b 

Hama OfCe 072 X Si U21 » 20b 

Hu, tads 044 22 337 32% Mb 31,; -H 

18 X 15% 14% 15% +% 
ttontofias 044287 IX 3 d£% £% +% 
Ifentx OS 19 ax 20b 019% 19*2 -% 
OX TO 3275 X 24b X +b 
HurcoCD OX 0 62 2% 2b 2b 


UartMDr 
MutoiCp 
ktaqueto 
Mantada 

MaraemWOri* 10 S 10% 10b 10* 4 

Uarohal OX 11 2343 20b 20% 20*; 

MaSK 9 ECO 8% 8 B 

Mam hit X 1275 52b SOb 51b -*< 

(Cp 01022 6% 6 6% -A 

McGram R 044 12 110 18b 16 16*; 

hfcCorm* 049 17 9X 21b Sb 21 -% 

47 4781 50% 49% 50% +% 

Medlnag 0 098 ,%dO40 % n ‘« 

Mutaxtac 016 16 304 13% d13 13 b 

ixQ.48 13 147 22b 21% 22b +% 

02* 8 X 5% S 5 -% 

Mentor Cp 01B 45 2D 14% 13% 13% -% 

ItadrG 024 22 2845 11% 11% 11% +% 

ttacaaLB OX 10 443 10% 18% 18% -*j 

Marouy G 070 7 X 27 26% 27 +% 

IS 11 2006 29% 29 29% -£ 

Meric* 15 5117 15% IS 15% +% 

Methodo A OX IS 185 15% 14% 15% 

IF 020 151039 10% 10% 10% 

MU) NaS 2X31616711171% X 70 +1 
11 IX 5 d4% 4% 

Mcnaga 172526 a £1% 22% -% 

51167 8% 5% 8 +% 

Uograb 8 453 5% d4% 5 -% 

35275 8% 6% 6% -% 

28253K 008% 94% 96% +2 
Mid ASM 43 4834 X% 47% 4B*2 +1% 
IMtoHc 040 113542 28% X 28% -% 
050 X 42 S% X% 32*4 -*2 
MBerH 052 19 5X 28*2 25% 2B% +% 
M*m 2494 21 20% Sb +% 

15 4X 11% 11 11% +% 

MOhteTel 424315 17% 16% 17 -% 

Modem CD xflS 18 41 7% 7% 7% ->4 
Maine «B 046 s 24 28% 27% 27% -b 
MOlOt 004 247 sb 34% 34% 

Motoric 004 X 82 37% Sb 37% -% 
Mpscam 004 21 1048 12 11% 11% +b 

MostnaePxOJB 22 4 S% S% 29*; J2 

I* Corine 17 489 14% 14 14% 

MTSSJb OX 10 Z1X 25% 2S% 25% -b 
MUmed 12 825 28% 27% S% +% 
Myragan 4 418 11 10% 10% -% 


- N - 

NACRa 0.16 122806 30% 29% 29% -% 
Marti FncP 072 11 42 16*2 16% 10% +% 

Mai Pizza 13 35 6 5% 5b -% 

tatConta 036 X 117 11% 11 11 

Mbs SU) X OS 21 87 IS 14% 14% •% 

10 S 19 18 IB+1% 

NEC 046 97 299X6% 58% 56% +% 
17 595 Sb Z7% X +% 
HetorkGan 2* 932 17% 16% 16% -% 

MHfOS 91 978 6% 06% 6,i ■& 

Nungwi 25 3 7% 7% 7% 

Mrgta 027 18 890 18% 17% 17% 

KaaCBta 0X21 74 19% 19 19 -% 

ttewtasge 81068 10% 5 % 10 +% 

331800 47% 44% 44% -3*2 

NewprtCp 004 12 M G 5% 5 7 a 

OH 21 924 6% 6*2 8% +% 

056 X 151 X 55 55% +% 

HOB® 03* 251583! e*S% *2% *3 -2% 

Norton I 12 3 16% 16% 16% +% 

N StaUn 4 i» s% 5 5*4 +% 


Mutrnra OX 14 SI 42 41% 42 +% 
*662 14% 14% 14% 
2(819602 19% 17% 18% +% 
282941 32% 31% 31% -1% 
9 52 u4% 3% 3% 


NWAi 

Nma 


-% NSC Cap 


OChartoys 
Octal Cun 
QftrtvBUj 


- O - 

27 847 18 17% 17% 


HtadilWi 

HycorB# 


48 2X 
19 18 


31 29% S% -1% 
5b 5% 5% -% 


017 30 IX 31% 31% 31% +% 
36 01 US 34% 31% S% +% 
IX 182 3% 3 3%' 

1233219 25% <E2 23% -5% 
OzBacp IX 16 35 s 2B% Sb 

CtaanHbr X 13 7% 7 7%+% 

Oils Dr 44 453 13 12% 13 +% 

Ootoertm 8 930 5% d5% 5% -% 

CuuCtteB IX 15 278 24% 24% 24% 

CodaEogy 97 1147 5% 4% 4% -% 

CodeAJarm Z7 63 10% 10% 10% +% 

QwiaorCp X 785 18 17% 17% 

Cognos 101 328 11% 10% 11% -b 

causnr 16 240 13% 12% 13% -% 

CBdagui ra ado 22% 2i% 22% +% 

CaH Bos IS 13 35 21% 20*2 20% % 

Cobd&pi OX 9 110 24% 24 24 

CuntaX 024 12 1382 18% 18 18% -% 

CmctoA OX 151313 18% 15% 16*4 
CrastASp OX 3519954 18% 15% 15% +% 
CanuBektoBOX 11 754 32% 31% 32% +% 
tama 070 X 128 17% 17% 17% -% 
ftmprLMH 4331337 13% 12% 13 

Comtonre X 145u13% 12% 12% -% 
CBnBBCW S 603 3A 3% 3A it 

Cufap* IS S 500 39% d38 38% -% 

CUBttm 12 203 6% 7% 8 -% 

Ceres* 1.44 16 50X1111% 10% 11 


FRSya 

UBCuum 

BtM 


- I - 

S3 8 8% 8% 8% 


152122 20%d18% 20% 
152057 14% 14% 14% 
OgteHjH OX 8 6 X X X 

OhfeOk 1.46 5 274 28% 27% 28% +% 

Old Wax 1.16 11 1473 o35% 35% 35% -% 
OUtodB 092 16 143 36% 038 36% *b 

(Huncap IX 7 685 30*4 S% 29% ■% 

Ore Wee 14 21* 19 18% 18% -% 

OpdcMR S 124 21% 21 2*% •% 

OracleS 4525354 31% X% 31% -% 

Okhscnce 53 3277 21% 20% 20% -A 


8% -% 


from mgen 


id Res 


441967 15% 15 15 -% 

7 307 BA 7% 7* +,% 

X X 5% d5 5% +b 

4 2J7 5b 4% 4% -% 

hnpari Be 040 31 376 17% 16% 16% 

tad Bmp 1.18 19 114 38% 38*2 38% 

tad max 024217 S 15% 15% 15% -% 
17 683 15 14% 14% 

171038 15% 14*2 14% -% 

OX 16 152 12 11% 11% 

301920* 27*4 24A 25% -1% 

29 14 12 11% 12 +% 

15 954 3% <Ob 3% -% 

024 1131261X5% 56% X% -1% 

10 685 2% d2% 2% 

magma < 033 3Z 3034 19% 18% 18% 

hta Tel X IK 8*2 9% 9% 

La OS 17 IS 13% 13% 13% 


(MatacD 099 23 IS 8% d8% 

OnftdStap 10 IB 14 13% 14 +% 

OregcnUK 031 9 X 5% U4% 4% ■% 

Cdhap 4 X 

OrtOBA 041 41 711 


htafpoe* 

kngtdSys 


Intel 


-% 


ConHCd 

29 142 15% 14% 15% 

-% 

CntriData 

14 SS 

10 9% 9% 


CDorsA 

050 23 344 10% 18% 18% 


Ownts 

85 448 10% 10*g 1»% 

+% 

Cords ft) 

202477 

47 48 46% 

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CUp OTA 

41 123 15% 14% 14% 

♦% 

Cracker B 

002 27 8688 24% UZ3 23 

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Cray Comp 

1 243 

1 % 1 A 1 % 

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QmM 

41 5 

5% 5% 5% 

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Gytogen 

21208 

4 3% 3% 

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DSC Cm 

3818500 6D% 57% 50% -2% 

Dartftnu 

013 16 48 

79 78 19 

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OrtaSw tA 

9 17 

2% 2% 2% 


Dstanax 

29 11 

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DB&acope 

13 291 

14 13% I3fi 

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DaughtaOP 092 11 240 

25 24% 34% 

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Mgph 31557 9% 9% 8% 

7 1438 6% d5% B 
rtBTEhe 220 238 IT 10% 11 -% 

tatutac 19 m 11% 10% 10% -% 

MDtayOA 14 24 18% 17% 17% -% 

ttRosx 0X20 20 3 3 3 -% 

wrote 437 616 8% 8% 8% +% 

001 18 1278 27% 27 27% +% 

tonga Cp 1 178 2% 2% ?A +A 

tsomedb 16 17 IS 17% 18 +% 

to Y ok a U) IS X 2 213 213 213 +5 


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- J- 

J6J Snack 1* 503 12%d1l% 12% -% I AmauH) 

jaautlK OS X 79 13% 12% 13% +% ~ 

ASM 010 22 29 27 25% 25% -*2 

JOhreonW 53 zlX 21% 21% 21% 

JonssH 10 17 13% 13% 13% -% 

JutealM 01017 IX 12£ 11% 11% -% 

MynCp IS 11 13 24% a% 23% -% 

JS8 Fta X 064 151539 1125 24 X +1% 

JunUg 028 19 098 10 19*; 19% -& 

Wta 01B 8 78 12%0l2b 12% 


fescari 
PadkrtOI 
PTeton 

PaoDCro 33 2131157% 56% 56% -% 

Paadtokc 30151X 32 30% 31% -fig 

Psyches 02* 48 483 37% X% 37 

PaycnAm 22 74 9*4 B% 9% 

Ftetltas OX 42 30 9% 9% 9% 

Fail Triy 9 25 14% 14% 14% 

PemlAg IX 23 2 X 33 33 

Pamy*. 23)17 289 30% 28% 30, b +, l < 

072 15 420 34% 34% 34% -% 

16 208 S*4 5% 6 

OS 20 9 1B% 18 18 -% 

PsopBa* IX 16 622 53% Xb 53% +*, 

Potato Hu 024 12 5307 u12% 12% 12% +% 
FkMBS 1.12 18 31 34 33 33 

Pltanacy 21 466 7% 8% 7b +% 

WnooTdi 25 522 5,; 5 5 -% 

Aceadl 048 4 zlOO >1*4 11% n% 
Ptt«B 271623 13*2 12% 13 

PMtatoi 43 336 17*4 16% 10% 

ftrnerfip OX 27 56S 4) 39% 39% 

0X24 1275 
BmwS c.1414 IX 
Pun Fad 


-b 

-*2 

-% 

% 


PIN Life 
Pratt* 
Prieto 
Pride flst 
PrhtaU 
Prod Ope 


36 35% 

27 25*2 2S% 

5 33 0% 8% B% 

IB 62 7 6% 6% 

ftX 31632 B% 8*2 6% +% 

07 231 23% S 23% +% 

2117216 14%d13% 14 J, 

39 84 5% 5 5% 

15 7 9*a 9 9 -% 

034 22 58 25% 25 25% -b 


Pt Eb 

Stock ON. E 1M» Hgn Lm Lart Shag 

PiUtanBi 0.12 7 115 Sb 19% 20 +% 

Pyramid 10 3451 8 «b 7 ■% 

OuaUeLog i2 77 7% 7% rb +b 
OuakaOim OE2 77 806 IB% 17% 18*, 

(hul Food j) OX 17 IX 33*2 23 23 
Dunum 671B88S 14% 13% 13% +,'« 
Otarti 10 SS8 13% 13 13b -% 

OVCNMtaL 20 7X3 31029% 30b »% 


- R - 

RahdNM 13 302 I4%dl3b 14% -'■* 
italta 6 433 6 5b 5b 

Hoaaapi 3 908 5% ■»% 47 8 

Raymond 25 32 19 10% 19 

fleoftai X 779u32% 31% Jib -% 
ftejp A 17 104 18% 17b 16% +*g 

Replete 3 807 4% 4% 4% 

nzp Waste 5 1» 3,; 3% 3,% +,‘ a 

Hsclitad 15 X fib 8b 9b •% 

fliutcm £24 15 1031 44 43% 43, i 

RaUlhc 0 71 B 5% 5% 

Hirer Fa OX 10 12 35 34«2 34% 

RD3du5 1.40 22 881 cob X ££% -b 

ftwgm 01? 14 183 67, 8b 5b -A 

RochMk OX 4 Si 3 18% 10b 16b +b 

Hoasmn o« 91?79 u*9 47% 48 +1% 

ftrsSlr O20 11 1357 15 14b 147. .1, 

RUahMed ?4 1G9 19% 19 19b -b 

HarS0 05S G0 1194 iab 19 19b 
RPM Inc. OU X 159 18% i7 ? s 17}J 
HS A) 048 12 3 X 70 X 

Ryan Arty 132050 7% 7% 7% ■% 


Safeco 

SandemnxOSO )2 


- S - 

IX 7 1606 54% S3~i 54% «% 
16 17b 16% 16% -V 


ScNmbgrA 0» 1C 2646 22': d2l 22% «T% 

SdMCOL 7 2270 »% 2B% 28% ■% 

SQSyam 11 583 14% 13% IJi* -,i 

5c«c 7 201 7% 6% 7 

ScdaxCp OS 8 2314 17% irb 17% 

Scorn Bnl 8 B44 8% 7% 77, .1, 

SejfleM IS 47 57 40 30 Sb -b 

S'gno lOlTiW 2? 7 n ?)% 22(1 +1. 1 . 

SS Cp 012 25 462 Xb Xb 20b -b 

SeJbeuB 036 1 137 1% i, r , 1,; 

Srtenins 1 12 IS 43 7b% XV Xb +b 

Scquod Cl 1522 13b 12% 13 -b 

Sanaa x 508 4,% 3j? 3i: *A 

SaraTWi 13 62 9% 9b 9% 

Serafne z: 75 4% 4% J‘l 

Savenm 16 to T7% 17% 17% -% 

StaUed DB4 17 1191 24% 22% ?4% +1% 

SKSytom 3 2097 7*a 8% 7% +,; 

Shxxetnnd 24 140 is% 14*4 14% .% 

ShowhCP 9 100 9b 08% 9% +% 

Sena On iri620 22b?lb 22 -% 
ShxraTue 2 3S6 3% 3% 3b 

Sagartl 033 184145 41%a30b 40b -1 

agrmDes 1 071 9% 8% 3,% +,% 

StattfeBc 006 :« 100 10*4 10 10% +% 

ShcnVGp M 801 10% 1D% 10% 

Snepson 0X24 8 Xb 19% 19% 

Smrtrtld 31 1081 24 22b £2% 

63 3859 24% 23% 24*« 
SataKotP 11975 1% Mb *b 

SattmaT so 63 14,; 14% 14% 

SOnoco OX IS 1543 X% X 70% 
Sotted OX 93325 JB7, is% 18% 

Spiegel A 03) 43 1070 21 20*4 20% 

S> -todeMd >0.40 11 *53 27% 27b 27% 
SiPaittc 030 10 791 21% 21% 21% 

Stayer 2 760 2% 2% 2b 

Staples 38 6417 2Sb 2*b X 

State SO 058 164204 40 39*2 <0 

11 3472 16% 16 16,\ 

088 14 51 21*2 21 21b 


SUMao 
StdRefps 

Steel Tec x 088 is 
StoUyUSA OX 2 
SUN 14G 

SbawtxO 1.1013 
SDuctDy X 8891 

Stryker 028 X 1444 


57 17% 16b 1Gb 
80 9% 9 9% 

17 21% 20% 20% 
3 20*J 20% 20% 
10 19 % 

X 25 


■b 

■1b 

+% 

*a 


+-*» 

+*2 

•A 

+b 

^% 

-% 


10 

20 + 1 % 


SuAcnD 21 192 14% 14 14 -% 

SuertomaB 080 25 38 22.74 222282 +5? 
Sum eft Be 08* 13 450 21% 21 21*, -b 


SunrrttTe 
Sim Sport 
SunHc 
Swffl Tra 
Sybase tac 
Synumne 


-b 


33 680 25b 24b 24b 

14 80 6 6 6 

1112 B 01 21 % 21 21 % 

29 821 U29 28 29 
58 9284 51% «% 50*; 

35 2984 14% d13 13*, 
Synateyx 03B 18 68 18% 18 18% 

Synanaan M 208 3% 3b 3b 
Synargen 31010 10*4 9% 10% «% 
Syneric 45 101 11 10b io? fl +*, 


Synopdra 1011302 iB%dl7% 
SytomSbR 012 14 5063 15d12b 


IB J; 
13 -1% 

Syswnfico 31 572 19% isb 19% +% 
Syrtamtd 19 519 5% 5% 5*2 


-T- 

T-CeKSc 0 235 4% 4% 4% +% 
TjuhPt 052 174805 X 20*2 28b +b 
TBCCp 16 217 12% 12% 12% 4% 

TCACaMe 044 24 466 21 X X% -b 

TadiBata 11 3202 18b 18% 17b -1 

■eh 080 14 X 57 54% 55*4 -1% 

Totekc 2 B 9 9 9 -% 

Telco Sys 8 951 14% 13% 14% 

IMeCunnA 98210817 19% 18% 19b +% 
TataM 131601 9% 8% 8% -% 

Trttaha 47 2945 «5*i 61% 85*2 +% 

Tabor ft) 001 17 1259 f<% 16% 17,', +,; 
Terra Tec 75 11S8 u9 8% 9 +b 

TaraPhADR 027 25X69 24% 23% 24% +1& 
Tlaee Com 38177B4 X% 52% M -1% 
TJhlt 022 35 5*2 24b 23% 23% -% 
TotoMsd 2 E49 4% 4 4% -% 

Tokyo Mar 037 X 38 64% 64% 64% +1 

Tom Brown 68 648 13% 12b 12{2 +,'« 

ToppaCD 02B3182G02 6% d6*a 0% -% 
TPlErtar < 803 8% 7% 8% 

Transtad 10 16 10 A 10% 10% 

Tranwk* IX 11 K 39% Xb 39% 

Tricaro 8 48 2% 2% 2% 

Trtatae 48 115 9% 9 9b 

TrastaoBC 180 10 38 20b 13% 20 -*« 

Tseng Lab 0X 122510 7% 7 7% -b 

TysFdA 086 18 2868 20% X M% +% 


- u - 

US Hither 086 134685 39 37% 38*; -% 

Unite) 2 1305 5% 5*3 5% +*, 

UCkfesGE IX 13 B6 16bdl5% 15% -*; 
USTto £00 12 286 51 50% 51 +b 

(MttdSI 040 10 37 12% 12b 12b -b 

iWtog OX X 115 25% 25% 25% +% 

Untatax 1.40 21 77 39b » 39*; -b 

USBancp 088 101487 25*2 25b 25% +b 
US Enemy 30 3 4% 4% 4% 

USTCup 1.12 9 156 13% 13% 13% 

Utah Med 12 122 7% 7% 7% +% 

UH Tatar 10 2 45% 44 45b +1% 

UUb 18 42 5b 6% 5b -% 


■b 

•% 


d Dto J 

13012% 13 



- V - 


11% 10% 11 

tamad 

030 32 

222 15 14% 14b 

% 

30% 29% 29% -1 

Arad Cel 

04 

694 33% 33 33% 

-b 


tattne 

18 

B26 1b% 16 16b 

+b 


flea r 

39 

307 25ft 24% 25b 



fleupRst 

B 

110 10 15% 15% 


Q “ 

touted* 

X 

957 21% 20% Xb 

•% 

52% 51*2 52b +1% 

AS Ted) 

31 3333 14% 14 14ft 

+& 

13% *3*2 13% 

23*4(02*2 22% -% 

MwB 

097 18 

X 1197% 96% 97*2 

+1% 


- W - 

Warner Enxaio 20 278 2612 26*4 26% -% 
Wanted) 78 150 4% 4 A 4ft -A 
HtehttrSBOffl 7 200G 19% 19% 19% +A 
WShFedSL 080 9 814 21% 21b 21*; +b 
WanShHM 022 9 289 23*2 d23 23% 
WOMuPMOa* 17 225 2fl 27 27% +% 
WtMO £00 15 46 40 39% 39% -% 

Wrttek 35 634 0% 6% 5% 

west One 0J2 11 2D45 26b 28*, 28% -% 
WelPub 6 2120 12*2 13% 12b -% 

WWpSlA 1 257 18*4 15% 19b +% 
WtoSeeiA 17 70 3*2 3*4 3% -% 
WUmttB OSO 21 2006 <3% *3% 43% 
wnxSBxare 73 1544 33b 30% 32% +1% 
WOUml 028 12 697 14% 14% 14% +* 
Wtangi 036 25 070 19% 19*, 19% 
WPP&WP 003 21 396 3i3 3*« 3* 
WynotefthOrtO 4 343 0 57, 6 +% 


-X- Y-Z- 

Mlnx 31 4731 51*2 <0*2 49 -2% 

*»naCup 2 281 3*2 3b 3*4 -% 

Ytegw 094 28 1445 18%d17% 17% •% 
WrtHSdi 55 358 6 4% 5 +A 

ZtoBUtei 1.12 9 49 39% 38 39b +i 



FINANCIAL TIMES MONDAY MAY 16 1994 


FT GUIDE TO THE WEEK 



MONDAY 


TUESDAY 


WEDNESDAY 


THURSDAY 



f . * 


EU ponders Russia policy 


US rates likely to rise 


Derivatives report appears Lom6 under review 


European Union 
foreign ministers meet 
in Brussels to decide 
whether to give the 
go-ahead to a political 
and trade accord with 
Russia. Doubts remain 
over the latest Russian offer to open 
up the banking sector, and howto 
deal with export of Russian nuclear 
fuels. But ministers hope to have an 
agreement ready to sign at the Euro- 
pean summit in Corfu next month. 

Ministers will also discuss latest 
diplomatic efforts to end the fighting 
in Bosnia, and are expected to approve 
a Ecu32m ($36m) plan for the EU to 
t ake over the administration of the 
Bosnian town of Mostar. Separately, 
the Council will consider a European 
Commission proposal to send EculOOm 
of food aid to Ukraine, as part of a 
broader strategy to Russia's neighbour. 


Many economists expect the US Federal 
Reserve to announce another rise in 
short-term interest rates following 
today's meeting of the polity-making 
open market committee. A quarter 
or half-point increase In the federal 
funds rate to 4 per cent or 4 .25 per 
cent is widely seen as necessary to 
bolster the dollar and slow the pace 
of domestic growth. 

If the Fed wants to send a strong 
signal it will also “ring the gong" - 
raise the discount rate, at which it 
lends to banks. So far the discount 
rate has stayed unchanged at 3 per 
cent despite three increases to 3.75 
per cent In the Fed funds rate. 


The General Accounting Office, the 
investigative arm of the US Congress, 
publishes a study of w™Tiriai deriva- 
tives, such as options and interest 
rate swaps. The study was prompted 
by a nightmare scenario of a collapsing 
world fiwawwal system, as overexposed 
institutions were forced to default 
on their obligations. The report Is 
expected to propose increased regula- 
tion of the multi-billion dollar business, 
both of those Issuing and trading these 
financial instruments and the compa- 
nies that use them. Hie industry, and 
some policy makers, are against hasty 
legislation, arguing that existing proce- 
dures are working welL 


Dominican polls Election day in 
the Dominican Republic sees President 
Joaquin Balaguer, 87, seeking his sev- 
enth term at the head of the Caribbean 
nation. But it will be a close-run thing 
since he is trailing in the polls to Mr 
Jose Francisco Pefia Gdmez of the 
social democratic Dominican Revolu- 
tionary Party. The last time Mr Bala- 
guer won, in May 1990, his main oppo- 
nent charged him with fraud. 


Ecofitu European Union finance and 
economy ministers, meeting in Brus- 
sels, will review the economies of 
member states and discuss the Com- 
mission's white paper on growth, com- 
petitiveness and jobs. Financial assis- 
tance to eastern Europe and the former 
Soviet republics is also on the agenda, 
?nrf the ministers will turn their atten- 
tion to the Union's anti-fraud strategy. 


Malawi goes to the polls: 

Presidential 
u nd pBriiaman- 
tary elections 
win give voters 
a choice of 
candidates 
for the first 
time stnc8 1964. 

The multi-party 
elections follow 
last year's refer- 
endum in which 
Malawians 
rejected President Hastings Kamuzu 
Banda’s one-party state. Mr Banda 
(above), who has rated since indepen- 
dence, is standing for re-election 
despite his advancing years. 


Israel is due to complete its military 
withdrawal from the occupied Gaza 
Strip, placing 850,000 Palestinians 
under PLO controL 


Ministers from the European Union 
and the African, Caribbean and Pacific 
(ACP) group meet in Swaziland to 
review, the Lome Convention, which 
expires at the end of the decade. There 
is tacit agreement on both sides that, 
with the deregulation of international 
trade and changes in the patterns of 
private investment flows and official 
aid, the trade and aid treaty, in Its 
present form, will be the last of Its 
kind. 

ACP officials admit that it will not 
be easy for many of their economies 
to disengage from Lome, with its guar- 
anteed markets for commodity exports 
and development finance. The EU, 
on its side, wants to move away from 
a system based on old colonial ties 
to a more rational foundation for its 
trade arrangements. 


• *• 







Japan’s taxpayers: A list of the 
100 highest taxpayers in Japan is to 
be released. The tax list prepared by 
the national tax office, is a mixture 
of honest and less honest millionaires. 
It is also an interesting economic indi- 
cator. Last year, for example, the sur- 
vey showed a decline to 125,000 people 
paying more than YlOm in tax, down 
from 175,000 in the previous survey. 

Top of last year's taxpayer league 
was Hiromasa Ezoe, former president 
of Recruit, the employment agency, 
on trial over the 1988-1989 Recruit 
shares for favours scandal. He paid 
Y3A6bn in tax in 1992. 


Lloyd's of London, the insurance 
market will report its fourth consecu- 
tive year of losses. Forecasters agree 
the loss will be about £L5bn, compared 
with £2£bn in 1990 and £2.1bn in 1989. 
The market which reports its results 
three years in arrears, will soften the 
blow cm Names, whose assets have 
traditionally supported the market 
by stripping out the so-called “double 
count”. This occurs when claims pro- 
duce losses for the syndicate underwrit- 
ing an original policy, as well as for 
those underwriting errors and omis- 
sions, stop-loss or estate protection 
insurance. 

Names will also be allowed to borrow 
against part of the profits expected 
for the current year. Trading conditions 
at Lloyd's have improved over the 
past two years, with steep rises in 
insurance rates in some sectors. 


Bulgaria’s debt: Deutsche Bank 
and 300 other London Club banks have 
unto, today to indicate their terms 
tO the hanfcrriff Committee hni’nTHrig 
the rescheduling of Bulgaria's US$9.3bn 
foreign commercial debt The two sides, 
which agreed to reduce the debt by 
about 50 per emit last November, have 
set a June 30 deadline for completion 
of the rescheduling deal. 

Bulgaria, which unfiateraDy 
defaulted an its foreign debt in 1990, 
is the last of central Europe’s former 
communist states to reschedule its 
foreign commercial debt 


UK economy: Retail sales figures 
for April are expected to show that 
the rate of consumer spending has 
slowed slightly, foDowing recent down- 
beat evidence from big retaflers and 
the Confederation of British Industry's 
distributive trades survey. 

Month on month, sales are expected 
to show no growth, after a 0.8 per cent 
rise in March. But with some econo- 
mists predicting there could even be 
a tell of 0.6 per cent in retail spending, 
the result seems set to provoke further 
debate about how Ear April’s tax rises 
have dented consumer confidence. 



0* * 


The US Federal Open Martlet Committee meets on Tuesday 


(RrpaaihmhM*) 


UK economy; April's retail price 
index win be scrutinised for any sign 
that inflation may be gathering pace, 
after the Bank nr En gland 's warning 
last week about infiationary pressures. 
The market expects the figures to show 
monthly inflation to have risen to L3 
per cent, up from 0.3 per cent the previ- 
ous month, largely as a result of rising 
council tax bills mid the introduction 
of VAT on fuel 


Platinum survey: Johnson Matthey, 
the world’s biggest platinum marketing 
group, publishes its Highly regarded 
annual survey of the world platinum 
market It is likely to make depressing 
reading for the producers by suggesting 
the market remains in surplus and 
that unless there is market-disturbing 
news from either of the two biggest 
producers - South Africa and Russia 
- prices will remain relatively low. 


Bulgaria's largest trade union bloc 
has called a general strike to push 
for higher wages for state sector 
employees. Prices have risen sharply 
this year because of the introduction 
of VAT and the sharp devaluation 
of the Lev. 

The strike will keep up pressure 
on the government of Lyuben Berov, 
a non-partisan economist, which is 
facing Its sixth vote of no confidence 
gjnpp taking office in December 1992. 


Saleroom: This week both Sotheby's 
and Christie’s sell expensive jewels 
and works of art in Geneva. The auc- 
tions reach a climax this evening with 
Sotheby's sale of 125 items of jewellery 
from the collection of the late H616ne 
Beaumont, who, with her American 
husband Louis, helped make the Cflte 
d'Azur tiie magnet of the smart set 
in inter-war Europe. 

The Jonker No. 2 diamond of more 
than 40 carats, cut by jeweller Harry 
Winston from the rough 726 carat Jon- 
ker diamond, and set in a ring, should 
make the top price of more than $2m. 


Rao moots Cflnton: 

P.V. Narasimha 
Rao (left), the 
Indian prime 
minister who 
is this weds: 
on a six-day 
visit to the 
US. is due to 
meet President 
Clinton today. 
The two lead- 
ers’ discussions 
are expected 
to include improving bilateral trade 
and investment, nuclear non-prolifera- 
tion and the tensions between India 
and Pakistan. 


FRIDAY 


WEEKEND 


Japan’s budget expires 


Tougher embargo on Haiti 


The 1994 provisional budget expires, 
necessitating fresh provisional financ- 
ing, pending agreement on a full bud- 
get This has been delayed by obstruc- 
tionism from the opposition, Morihiro 
Hosokawa’s resignation as prime minis- 
ter, and the fragmentation of the ruling 
coalition. 


Rugby: England begin their first 
official tour of S Africa since the end- 
ing of apartheid with a game against 
Orange Free State. 


FT Survey: World Forest Products 
and Power Generation Equipment 


Footballs In the European Champ i ons 
Cup final, AC Mian of Italy plays Bar- 
celona of Spain in Athens. 


Frisson of interest: The UK 

Building Societies Association begins 
its annual conference in Birmingham, 
central England. The recent £L8bn 
bid by Lloyds Bank for Cheltenham 
and Gloucester building society, the 
announcement of a merger between 
two societies in the north-east of 
En gland, and the statements by several 
banks that they are interested in buy- 
ing societies should all serve to enliven 
the atmosphere. 

Informal plotting and intrigue aside, 
the formal events include a speech 
by Rosalind Gilmore, head of the sec- 
tor’s statutory regulator. 


John Smith: The funeral of the 
Labour party leader, who died suddenly 
of a heart attack last week, takes place 
at Chrny Parish Church, Edinburgh. 

Labour has called for campaigning 
for June 9’s European Parliament dec- 
turns to be pot off until after the 
funeral. Despite losing its leader. 
Labour looks set to make big gains, 
after which it will begin the process 
of selecting a successor. 


Unless Saturday’s deadline for Haiti’s 
military rulers to step down is met, 
the United Nations is due to impose 
further and tougher sanctions. The 
regime ousted President Jean-Bertrand 
- Aristide in a coup in 1991 and last week 
installed 81-year old Emile Jonassaint 
as president 

US president Bill Clinton has said 
military intervention remains “an 
option”. His administration says it 
would prefer any action to.be multina- 
tional and take place under a mandate 
from the UN. 


Prague’s spring arts festival begins 


on Saturday. 


FT Survey: Toulouse. 


FT Survey: World Taxation. 


Nobel lectures: F.W. De Klerk, 
former president of South Africa and 
now joint deputy vice-president winner 
of the Nobel peace prize along with 
Nelson Mandela, gives one of a series 
of lectures by last year’s laureates 
at London’s Royal Albert Hall 


Yachting: The Whitbread Round 
the World fleet of yachts leaves Fort 
Lauderdale, Florida, on Saturday for 
the last 3,818 mile leg of the race. The 
race should arrive at Southampton, 
southern England, on June 6 or 7. 


Football: The Scottish Cup final is 
played in Glasgow between Rangers 
and Dundee United on Saturday. 


Holidays: Israel (Shavuot), Saudi 
Arabia (Eid al-Adha), Venezuela. 


Holidays: Norway (Independence 
Day), Saudi Arabia (Bid al-Adha). 


Holidays: South Korea (Buddha's 
birthday). 


Holidays: Kuwait, Lebanon, Qatar, 
Saudi Arabia. United Arab Emirates 
(Eid al-Adha). 


Exit Florence: The UK £10 note 
featuring Florence Nightingale ceases 
to be legal tender after today. 


Cycling: The Giro Italia tour of Italy 
begins on Sunday and is scheduled 
to be completed on June 12. 


ECONOMIC DIARY 


Other economic news 


Monday: The recovery in the 
UK and the US will be a focus 
of attention. In the UK, April's 
producer prices index today, 
and the Confederation of Brit- 
ish Industry’s distributive 
trade survey tomorrow, will 
provide clues about the 
strength of the upturn - and 
its impact on inflation. Market 
analysts expect April's output 
figures to rise to 0.3 per cent, 
month on month, from 0.1 per 
cent in February. Input prices, 
however, are expected to fell 
In the US, April's industrial 
production figures will be scru- 
tinised for clues about the pace 
of recovery. 

Wednesday: UK earnings fig- 
ures are expected to illustrate 
the Bank of England's concern 
about the growth in average 
earnings. The growth rate for 
March is expected to be 
unchanged, at 3.5 per cent, 
after rising continuously since 
November. However, the three- 
month Index, measured year 
on year, is expected to rise 
slightly to 2 per cent. In the 
US, the March trade deficit will 
be scrutinised by the foreign 
exchanges In the light of the 
dollar's recent weakness. 

Thursday: The report from 
the UK Treasury's panel of 
advisers - the “six wise men" 
- is published. 


Oar ■ 

(Mowed Country 


Economic 

9Mf*9e 


Mon US 


May 18 • US 


Tin US 


May 17 Japan 


Wed UK 


May 18 UC 


Apr Industrial produettnn ' 

Apr capacity utiteation 
Feb current a/e seaafadj 
Apr prod prices Index Input* . 

Apr prod prices Index Input" 

Apr prod prices Index output* 

Apr prod prices Index output". 
Ditto, ex-food, dm* a tobacco" 
Apr housin g Sta rts 
Mar machine orders ax ships etc** 
Mar wholesale price Index* 

Mw wholesale price Index" 

Apr lead indicator seas/adf 
Mar manufacturing raw ordore* 

Apr retea price Index* 

Apr retaS price Indtef* 

Ditto, ex mortgage Cut payment s " 

Mar average earnin gs ~ 

Mar urtt wages - three monthly** 
Apr pubSc spend bonovrtng req 
Apr com prices Index, afl Rems* 
Apr cons prices Man, all tanT 
Apr advance dept store sales" 

Mar wage settlement Sncreasra ; 
Unemployment rets 


Statistics to faff 

•An ■'•} ' * 'praafom-^ r 

—ea st . s - ApMte.'- ; ! ; 

3% ■■ .06% ■ t- .. 


released this week 


wr- 

.iMamd. 'County 


.Esomxnto 


'ftonfoue- 

Acawi 


FFffAbn ' 


88-Qft ‘ 
FM6L1W': 


: • May 19 US 


1.31m; • 


Q>7% ; 


ftt US- 
May 20. 'Japan 
Japan 


Mar tradte floods A services' . •* ^ 
Mir marehandae trade, .census' .- 
Initial ctefcwa w/tf May 14 * 

State benaflts w/b Mqy 7 " ‘ ' ; 
M2 We May 8 " . ' 

Apr money supply (M2 & CCI). ;. 
Apr -retail sates* •’ •.••• 

Apr retag s rtea** •" * ' . 

Mar rafed sates sassftsy • - 
■■ Mar merchandise trade surplus . 
Apr Tteaamy budget . . 

Mar induan prod, real sees/bcf 
Mar shipments, re el aeaaAadj . 
Apr bade balance, customs dear 


.360,000 


-$PJbn'; 

-Si&UXt 


373,000 
,2.7701 C 
: -Sl.4bn 


0.5ft' 

• aaft 


RSft ■ 

CS950rh 
*17bn : 


■ oaft 
nfe- 

• -S32£bn 


Mar trade balance 


FFt&B&n '* . FFt&4bn 


23ft', ' 

. g/4% ' • 

as* 


C»137te» 


. Apr* ■consumer prices index" 
Ajrf M4 ' . ^ 

April M4~ ' ' 

April M4 - tendbitf” 

Apr bdg sety new cwnmttmems 


Hewlett- 
Packard 
solve the 
problem of 
Cluster- 
phobia. 




A .... 


~* ?,J U frj 






' During the week... 

. m - . 


'■AD*..-. 


.- Spain - 


" Mar industrial production" • 
1st qtr unemployment date , . 
•"Mb' producer prices'- Index** 


.•month on month, “year on year 


Z3£ - 

4ft / . ' 4% 

tfcs, courtesy AIMS fntermtfonaf. 


Today, Hewietr-fisckard launched 

new, faster UNIX workstations. 
They also announced a way to 
have the p r oces sin g power of a 
mainframe for a fraction of the 
cost by clustering workstations. 


ACROSS 

l Occasionally constructed? 
(7-5) 

10 Chain loosed off after close 
winning margin (71 

11 Did the woman fall for awful 
rot before the election was 
over? (7) 

12 Last character's failure to 
score ruined the game (5) 

13 Delivery lad accepted old 
money for a particular prod- 
uct (8) 

15 Ethical justification of dean 
living Tories (5£) 

IB The gardener nowadays 
comes before midday (4) 

18 Coes on to put the silver in 
the partners’ hands (4) 

20 One who enjoys making the 
changes (10) 

22 Firm row about MP*s service 
( 8 ) 

24 Show how to make the bever- 
age, cold and hot (5) 

26 Do Albion, having lost a 
point, play the devil of a 
game? (7) 

27 Adoring undoing the knot (7) 

28 With time other letters can 
give support (7,5) 


DOWN 

2 Not obvious that internation- 
alists caught the king (7) 

3 bat obvious that a friend 

can be soft-hearted (8) 

4 Fill up, in case the scheduled 

arrival hour’s put back (4) 

5 A (lower that will hold the 
attention (10) 

6 Key coast In Africa (5) 

7 Drew out everything inside 
that agreed with the account 
CD 

8 Lacking the means of self 
expression (13) 

9 Fast driver needed far drugs 
dealer (M) 

14 Airmail service (6,4) 

17 Village society tries to culti- 
vate a climber (8) 

19 Athlete takes misty old sports 
car for a spin (7) 

2i A gallic shrug makes the tem- 
perature Icy (71 
23 Free and easy (G) 

26 A dominating person might 
hesitate to go back (4) 



MONDAY PRIZE CROSSWORD 

No.8,454 Set by ADAMANT 


MorseData have full details in a 
DaraPadc including One-Page 
Busy Execs Summary, available 
now. Telephone Mr N. Kuhle 
for a copy. 


A prize of a PeUkan New Classic 390 fountain pen for the first correct 
solution, opened and five runner-up prises of £36 rattan vouchers will be 
awarded. Solutions by Thursday May 28, maAed Monday Crossword 8,464 
on the envelope, to the Financial Times, 1 Southwark Bridge, London SEl 
9HL. Solution on Monday May 30. 


Naim*— „ 


MorseData 


Profile West, 950 Great West Road, 

Brentford Middlesex. 081-2328000. 


Winners 8,443 


Solution 8443 


MORSE 


K.J. Woolley, Pontefract, W. 
Yorkshire 

Alison Bye. London Nl 
S J». Mikell, Washington, Tyne 
ami Wear 

A-R. Neale, Manama, Bahr ain 
M. Scott, Wfcfteleafe, Surrey 
ILF. Steel, Winchester, Hants 


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JOTTER 


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